New Issue: CBRE upsizes to $800 million, prices 10-year notes at par to yield 5%

By Paul A. Harris

Portland, Ore., March 11 - CBRE Services Inc. priced an upsized $800 million issue of 10-year senior notes (Ba1/B+) at par to yield 5% on Monday, according to a syndicate source.

The yield printed at the tight end of yield talk set in the 5 1/8% area.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC, HSBC Securities (USA) Inc., Scotia, Barclays and RBS Securities Inc. were the joint bookrunners for the quick-to-market deal, which was upsized from $500 million.

Proceeds, along with the company's new credit facility and cash on hand, will be used to repay debt.

CBRE Services is a Los Angeles-based real estate company.

Issuer:	CBRE Services, Inc.
Amount:	$800 million, increased from $500 million
Maturity:	March 15, 2013
Securities:	Senior notes
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC, HSBC Securities (USA) Inc., Scotia, Barclays, RBS Securities Inc.
Co-managers:	Mitsubishi UFJ, Comerica Securities, Raymond James, JMP Securities
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	294 bps
First call:	Make-whole call at Treasuries plus 50 bps until March 15, 2018, then callable at 102.5
Equity clawback:	35% at 105 until March 15, 2016
Change-of-control put:	101%
Trade date:	March 11
Settlement date:	March 14
Ratings:	Moody's: Ba1
	Standard & Poor's: B+
Distribution:	SEC registered
Price talk:	5 1/8% area
Marketing:	Quick to market

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