CB Richard Ellis (CBG) Completes $300M Common Stock Offering
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CB Richard Ellis Group, Inc. (NYSE: CBG) announced today that it has completed the sale of shares of its Class A common stock under the at-the-market offering program announced on November 3, 2009. The Company sold an aggregate of 28,289,960 shares in open market trading and direct placements under this program for aggregate gross proceeds of approximately $300 million. BofA Merrill Lynch served as sales agent under the at-the-market offering program.
The Company intends to use the net proceeds from the offering for general corporate purposes, including the repayment of a portion of its outstanding indebtedness under its senior secured credit agreement.
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