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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 26, 1998
CB RICHARD ELLIS SERVICES, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 001-12231 52-1616016
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(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION)
533 SOUTH FREMONT AVENUE, LOS ANGELES, CALIFORNIA 90071
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (213) 613-3123
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CB COMMERCIAL REAL ESTATE SERVICES GROUP, INC.
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS.
On May 26, 1998, CB Richard Ellis Services, Inc. (formerly known as CB
Commercial Real Estate Services Group, Inc.) issued a press release announcing
the completion of a $175 million debt financing and an increase in its revolving
credit facility. The press release is filed as an exhibit hereto.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) The following is furnished as an exhibit to this report:
99 Press release dated May 26, 1998 issued by CB Richard Ellis
Services, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CB RICHARD ELLIS SERVICES, INC.
Date: May 27, 1998 By: /s/ Debra L. Morris
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Debra L. Morris
Chief Accounting Officer
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
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99 Press release dated May 26, 1998 issued by CB Richard Ellis Services,
Inc.
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EXHIBIT 99
NEWS RELEASE
CB [LOGO] RICHARD ELLIS
533 South Fremont Avenue
Los Angeles, CA 90071
(213) 613-3123
FOR IMMEDIATE RELEASE - May 26, 1998
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For further information:
At the Company: At the Financial Relations Board:
Cary Brazeman Karen Taylor Stephanie Mishra
Corporate Communications General Information Investor/Analyst Contact
(213) 613-3227 (310) 442-0599 (415) 986-1591
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CB RICHARD ELLIS COMPLETES $175 MILLION DEBT FINANCING
LOS ANGELES, CA, MAY 26, 1998 -- CB Richard Ellis Services, Inc. (NYSE:CBG), the
world's leading real estate services provider, today announced completion of a
$175 million debt financing and an increase in its revolving credit facility,
both designed to support the company's internal growth and acquisition
strategies.
CB Richard Ellis issued $175 million senior subordinated notes with an 8-7/8%
coupon maturing in 2006. Merrill Lynch, BancAmerica Robertson Stephens and
NationsBanc Montgomery Securities LLC were co-managers for the transaction.
Proceeds from the financing will be used to repay outstanding borrowings under
the company's existing revolving credit facility. The company further reported
an increase in its revolving credit facility with a group of banks led by Bank
of America. The facility was increased to $400 million from $300 million with
an extension of its maturity to 2003.
Commenting on the announcement, CB Richard Ellis Chairman and CEO Jim Didion
stated, "The size and structure of the new financing, along with our increased
capacity in our bank revolver, will enable us to maintain maximum financial
flexibility in continuing to execute our global growth strategy. We continue to
be pleased with the reception the marketplace has had in terms of understanding
our business and validating our growth strategies."
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CB Richard Ellis (NYSE:CBG) is the world's leading real estate services company.
Headquartered in Los Angeles with over 8,000 employees worldwide, the company
serves real estate owners, investors and occupiers through over 200 principal
offices in 29 countries. Services include property sales and leasing,
investment property acquisitions and dispositions, property management,
corporate advisory services and facilities management, development advisory,
mortgage banking, investment management, capital markets, appraisal/valuation
and market research. CB Commercial and REI Limited, which merged in April 1998
to form CB Richard Ellis, reported 1997 revenues of $730 million and $119
million, respectively.
For more information on CB Richard Ellis Services, Inc. (via facsimile and at no
cost), simply call 1-800-PRO-INFO and dial client code "CBG." If you are
calling from outside the United States, please dial 908-544-2850.
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