CBRE Group announces $1 billion senior notes offering to fund acquisition

CBRE Group, Inc. (NYSE:CBRE) disclosed Wednesday that it has entered into an agreement to issue and sell $1 billion in senior notes, according to a statement filed with the Securities and Exchange Commission.

The company, through its subsidiary CBRE Services, Inc., signed an underwriting agreement on Tuesday with Wells Fargo Securities, LLC, BofA Securities, Inc., HSBC Securities (USA) Inc., and J.P. Morgan Securities LLC, representing a group of underwriters. The offering consists of $500 million aggregate principal amount of 5.650% Senior Notes due 2032 and $500 million aggregate principal amount of 5.900% Senior Notes due 2037.

The notes are being offered under CBRE’s registration statement on Form S-3, with the closing of the sale expected to occur on November 5, subject to customary closing conditions.

CBRE stated that it plans to use the net proceeds for general corporate purposes, including repayment of borrowings under its commercial paper program and to fund its acquisition of Onnec Group Limited.

The underwriters and their affiliates have previously provided, and may in the future provide, commercial banking, financial advisory, investment banking, and other services to CBRE and its affiliates, for which they have received and may receive customary payments.

This information is based on a press release statement included in the company’s SEC filing.