CBRE Services has placed an $800 million offering of 10-year (non-call five) senior notes via a Bank of America-helmed bookrunner line up that includes J.P. Morgan, Credit Suisse, Wells Fargo, HSBC, Scotia, Barclays, and RBS. The bonds priced at par to yield 5%, the tight end of 5.125% guidance. SEC-registration filings indicated the issue would be sized at $500 million, though the bonds were originally announced as an $800 million offering. The transaction was initially flagged last week by the commercial-real-estate-services giant alongside a loan market refinancing and capital raise for general corporate purposes. The bonds swap to a floating-rate equivalent of roughly L+285, compared with the coordinated $215 million eight-year B term loan that’s in the market with talk at L+325, with no floor and a 99.5 offer price. The company is also raising a $1 billion revolver and $500 million TLA, both five years. Terms:
| Issuer | CBRE Services | |
| Ratings | B+/Ba1 | |
| Amount | $800 million | |
| Issue | senior notes (SEC-registration) | |
| Coupon | 5% | |
| Price | 100 | |
| Yield | 5% | |
| Spread | T+294 | |
| FRN eq. | L+285 | |
| Maturity | Mar. 15, 2023 | |
| Call | nc5 | |
| Trade | Mar. 11, 2013 | |
| Settle | Mar. 14, 2013 (T+3) | |
| Jt Books | BAML, JPM, CS, WFS, HSBC, Scotia, Barc, RBS | |
| Co’s. | MUFJ, Comerica, RayJames, JMP | |
| Px talk | 5.125% area | |
| Notes | Eq claw 35% at 105 till Mar 2016. Call at 102.5 2018, 101.667 2019, 100.833 2020 then par |