Summary
CBRE GROUP, INC. (CBRE) has entered into a new 364-day senior unsecured Revolving Credit Agreement, effective June 23, 2026. This agreement provides CBRE Services, Inc. with access to a revolving credit facility of up to $1 billion. This facility replaces the company's prior 364-day credit agreement set to expire on the same date, ensuring continued access to liquidity. The new agreement includes provisions for interest rates based on Term SOFR or a base rate, plus applicable margins that vary with the company's credit rating. It also features facility fees and flexible prepayment and commitment reduction options without penalty, other than customary breakage costs. The agreement mandates a maximum leverage ratio as a key financial covenant, alongside other standard affirmative and negative covenants. The entire principal amount is due on June 22, 2027, at which point the revolving credit commitments will terminate. The agreement is guaranteed by CBRE Group, Inc. and certain U.S. wholly-owned subsidiaries that also guarantee other material indebtedness, although no such subsidiaries currently guarantee this agreement.
Key Highlights
- 1CBRE entered into a new $1 billion 364-day senior unsecured Revolving Credit Agreement on June 23, 2026.
- 2This agreement replaces the previous 364-day credit facility expiring on the same date, ensuring continuity of liquidity.
- 3Interest rates are tied to Term SOFR or a base rate, with variable margins (0.645%-1.125% for Term SOFR) and facility fees (0.055%-0.125%) dependent on CBRE's credit rating.
- 4The facility offers flexibility with voluntary prepayments and commitment reductions allowed without premium or penalty (excluding breakage costs).
- 5A key financial covenant requires maintaining a specified maximum leverage ratio each fiscal quarter.
- 6The credit facility matures on June 22, 2027, with the full principal amount due at that time.
- 7The agreement is guaranteed by CBRE Group, Inc., with potential guarantees from certain U.S. subsidiaries.