Simpson Thacher recently represented CB Richard Ellis Group, Inc. in connection with (a) a direct placement of shares of its Class A common stock for gross proceeds of approximately $100 million, (b) an at-the-market offering program for the sale of shares of its Class A common stock for gross proceeds of approximately $50 million and (c) a private placement of $450 million aggregate principal amount of senior subordinated notes due 2017 (the “Notes”). The Notes were issued by CB Richard Ellis Services, Inc., a wholly-owned subsidiary of CB Richard Ellis Group, Inc., and are guaranteed by CB Richard Ellis Group, Inc. and the subsidiaries that guarantee its senior secured credit facility. The Notes have an interest rate of 11.625% per annum and were issued at a price equal to 96.873% of their face value.
The sale of shares under the at-the-market offering program was completed on June 11, 2009, the direct placement of shares closed on June 15, 2009 and the Notes offering closed on June 18, 2009. CB Richard Ellis Group, Inc. intends to use the net proceeds from these offerings for general corporate purposes, including the repayment or repurchase of some of its outstanding indebtedness. CB Richard Ellis Group, Inc. is the world’s largest commercial real estate services firm, based on 2008 revenue, with leading full service operations in major metropolitan areas throughout the world.
The Simpson Thacher team included, among others, Bill Brentani, Rebecca Boyden, Nidhi Shah, Larissa Schwartz, James Toy, Erin Rinn, Dan Leahy, summer associate Jana Hardy and former paralegal Juliana Ochoa (Capital Markets); Marissa Wesely (Credit); Sean Austin (Tax); Tristan Brown, Jeanne Annarumma and Victoria Stewart (Executive Compensation and Employee Benefits); and Andrew Pagliughi (Blue Sky).