Narrative
Full Description
Project narrative
On June 24, 2008, financial close was reached on a multi-tranche credit facility agreement involving CB Richard Ellis Services, Inc., CB Richard Ellis Group, Inc., and several international affiliates, including subsidiaries in the United Kingdom, Australia, New Zealand, and Canada. The loan comprised multiple facilities: a $906 million Tranche A due December 20, 2011; a $298.5 million Tranche A-1 due December 20, 2013; and a $973.75 million Tranche B due December 20, 2013. Additionally, the agreement included a $500 million domestic revolving facility, a $50 million multicurrency revolving facility, and a $50 million U.K. revolving facility, all maturing on June 24, 2011. The interest rate was set at LIBOR plus an applicable margin. The use of proceeds is unknown. While Bank of China contributed to this loan, the following lenders also participated: Credit Suisse (Cayman Islands Branch); Chinatrust Bank (USA); E.Sun Commercial Bank, Ltd. (Los Angeles Branch); First Tennessee Bank; Mega International Commercial Bank Co., Ltd. (Los Angeles Branch); People’s United Bank; Taiwan Cooperative Bank (Los Angeles Branch); The Bank of Nova Scotia; BNP Paribas; Barclays Bank PLC; Bayerische Landesbank (New York Branch); Chang Hwa Commercial Bank, Ltd. (New York Branch); Citicorp USA Inc.; City National Bank, N.A.; Comerica Bank; Commerzbank AG (New York and Grand Cayman Branches); Fifth Third Bank; First Commercial Bank (New York Agency); HSBC Bank USA, National Association; Hua Nan Commercial Bank Ltd. (Los Angeles Branch); Bayerische Hypo- und Vereinsbank AG (New York Branch); KeyBank National Association; Mizuho Corporate Bank, Ltd.; Natixis; National City Bank; The Norinchukin Bank (New York Branch); Northern Trust Company; Raymond James Bank, FSB; Regions Bank; Royal Bank of Scotland PLC; SunTrust Bank; Taipei Fubon Bank (Los Angeles Branch); Union Bank, N.A.; United Overseas Bank Limited (New York Agency); Wachovia Bank, N.A.; Wells Fargo Bank, NA; Bank of America, N.A.; Citibank N.A.; AIB Debt Management, Limited; Banco Espírito Santo S.A. (New York Branch); Scotiabanc Inc.; Greyrock CDO Ltd.; Landmark III CDO Limited; Landmark IV CDO Limited; Landmark VI CDO Ltd.; Landmark VIII CLO Ltd.; Columbus Park CDO Ltd.; Essex Park CDO Ltd.; Lafayette Square CDO Ltd.; Loan Funding VI LLC; Monument Park CDO Ltd.; Union Square CDO Ltd.; Riverside Park CLO Ltd.; Callidus Debt Partners CLO Fund III Ltd.; Callidus Debt Partners CLO Fund II, Ltd.; FM Leveraged Capital Fund II; Gale Force 1 CLO, Ltd.; Gale Force 3 CLO, Ltd.; Gale Force 4 CLO, Ltd.; Hudson Straits CLO 2004, Ltd.; Tribeca Park CLO Ltd.; Gulf Stream-Compass CLO 2005-I Ltd.; Gulf Stream-Rashinban CLO 2006-I Ltd.; Gulf Stream-Compass CLO 2007-I Ltd.; Neptune Finance CCS, Ltd.; HSBC Bank PLC; IKB Capital Corporation; Grand Central Asset Trust, LBAM Series; New York Life Insurance and Annuity Corporation; New York Life Insurance Company; NYLIM Flatiron CLO 2003-1 Ltd.; NYLIM Flatiron CLO 2004-1 Ltd.; NYLIM Flatiron CLO 2005-1 Ltd.; NYLIM Flatiron CLO 2006-1 Ltd.; Flatiron CLO 2007-1 Ltd.; NYLIM Institutional Floating Rate Fund L.P.; Silverado CLO 2006-II Limited; NYLIM Institutional Flat Rate Collective Fund; MainStay Floating Rate Fund; MainStay VP Floating Rate Portfolio; Rosedale CLO II Ltd.; Rosedale CLO Ltd.; Trimaran CLO IV Ltd.; Trimaran CLO V Ltd.; The Bank of East Asia, Limited (New York Branch); First Financial Bank; Keystone Nazareth Bank and Trust; State Bank of India (Los Angeles Agency); ACA CLO 2005-1, Ltd.; ACA CLO 2006-2, Ltd.; ACA CLO 2006-1, Ltd.; ACA CLO 2007-1, Ltd.; Aladdin Flexible Investment Fund SPC Series 2008-01 and 2007-01; ACAS CLO 2007-1 Ltd.; AMMC CLO III, Limited; AMMC CLO IV Limited; AMMC CLO VI, Limited; AMMC VII, Limited; AF III US BD Holdings, LP; Inwood Park CDO Ltd.; Prospect Park CDO Ltd.; BLT 18 LLC; Del Mar CLO I, Ltd.; Floating Rate Senior Loan Funding I LLC; Olympic CLO I; Shasta CLO I; Sierra CLO II; Whitney CLO I; San Gabriel CLO I; Eagle Master Fund Ltd.; LMP Corporate Loan Fund Inc.; Regatta Funding Ltd.; Shinnecock 2006-1 CLO; ColumbusNova CLO Ltd. 2006-I and 2007-II; Credit Suisse Loan Funding LLC; Burr Ridge CLO Plus Ltd.; Market Square CLO Ltd.; Schiller Park CLO Ltd.; Genesis CLO 2007-1 Ltd.; Erste Group Bank AG; Ballyrock CLO 2006-1 and 2006-2 Ltd.; Fidelity Advisor Series I; Fidelity Central Investment Portfolios LLC; Franklin Floating Rate II Fund; Franklin Floating Rate Daily Access Fund; Franklin Templeton Limited Duration Income Trust; Franklin Floating Rate Master Series; GE Business Financial Services; General Electric Capital Corporation; Goldman Sachs Credit Partners, L.P.; Chelsea Park CLO Ltd.; Gale Force 2 CLO, Ltd.; Harch CLO III Limited; Hillmark Funding Ltd.; Stoney Lane Funding I Ltd.; Bacchus (U.S.) 2006-1 Ltd.; J.P. Morgan Whitefriars Inc.; Genesis CLO 2007-2 Ltd.; Apostle Loomis Sayles Credit Opportunities Fund; Apostle Loomis Sayles Senior Loan Fund; Loomis Sayles Leveraged Senior Loan Fund Ltd.; Loomis Sayles Senior Loan Fund, LLC; Loomis Sayles Senior Loan Fund II LLC; Natixis Loomis Sayles Senior Loan Fund; Confluent 4 Limited; Latitude CLO III Ltd.; LCM I–VI entities; Veer Cash Flow CLO, Limited; Venture CDOs II–VIII; Vista Leveraged Income Fund; MSIM Peconic Bay, Ltd.; Mountain Capital CLO III, V, and VI Ltd.; ExtraYield $ Loan Fund; Navigare Funding III CLO Ltd.; NACM CLO I and II; Clydesdale CLOs 2004–2006 and Strategic CLO-I; Jackson National Life Insurance; Apidos CLOs I–VI and Apidos Cinco/Quattro; Cannington Funding Ltd.; Comstock Funding Ltd.; Greens Creek Funding Ltd.; Loan Funding XIII LLC; Libra Global Limited; San Joaquin County Employees’ Retirement Association; Sumitomo Trust & Banking Co., Ltd. (New York Branch); Baker Street Funding CLO 2005-I, Ltd.; Grand Horn CLO Ltd.; Mountain View CLO II–III Ltd.; Trimaran CLO VI–VII Ltd.; WhiteHorse CLOs I, III–V; Harleysville National Bank & Trust Co.; MetLife Bank, National Association; Jersey Street CLO, Ltd.; Marlborough Street CLO, Ltd.; MLS Floating Rate Income Fund; MFS Floating Rate High Income Fund (FRH); Bank of Hawaii; Waterfront CLO 2007-1, Ltd.; Premium Loan Trust I, Ltd.; LightPoint CLOs 2004-I, III, IV, V, VIII; and Fremont CBNA Loan Funding.
Staff comments
1. The entirety of the 2008 loan contract can be accessed at https://ir.cbre.com/financial-reports/sec-filings/content/0001193125-09-064410/dex101.htm. The dropbox link is accessible here: https://www.dropbox.com/scl/fi/pqc6b06kclka3duuzpfr8/Source_ID_216144.pdf?rlkey=bufj4r5c12jnovivibj8reg7c&st=lx9id7z3&dl=0 2. CB Richard Ellis Group, Inc. is an American commercial real estate services and investment firm headquartered in Dallas, Texas. Operating under the CBRE brand, it is the largest commercial real estate services company in the world, offering a broad range of services including property sales, leasing, facilities management, and valuation. 3. AidData estimates the average interest rate across the different tranches by adding the 6-month average LIBOR rate in June 2008 and an applicable margins based on credit ratings (4% for term loans and 2.75% for revolving loans). 4. AidData estimates the average maturity across the different tranches by taking the average of all tranches. 5. The individual contributions of the 219 lenders to this $2.778 billion USD loan are unknown. For the time being, AidData has estimated the contribution of Bank of China by assuming that each lender contributed an equal amount ($12684931.5068) to the loan syndicate.