CBRE Selling Dirt-Cheap Stock To Maybe Pay Off Loans

From GlobeSt: “CB Richard Ellis Group Inc. has priced its new offering of 50 million shares of stock at $3.77 per share and expects to generate $180 million in proceeds from the sale of the stock. The company initially said, earlier this week, that its offering of 50 million shares could raise $355 million at an expected price of $7.10 per share, but that was before the stock’s price declined to $3.77 earlier this week. The shares rebounded Thursday, closing at $5.39. … Its prospectus says that it intends to use the proceeds of the offering ‘for general corporate purposes, which may include the repayment of principal of revolving credit loans and term loans under our senior secured credit agreement.'”

CBRE Selling Dirt-Cheap Stock To Maybe Pay Off Loans