Los Angeles, CA – August 28, 2009 — CB Richard Ellis Group Inc (NYSE:CBG) today announced that it has revised the amount of its credit agreement debt that has been modified to $985 million. In a press release issued by the Company on August 25, 2009, the amount of its credit agreement debt subject to modification had been reported incorrectly as $994 million.
The incorrect total impacted certain other amounts cited in the August 25, 2009 press release. The following are the correct figures:
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the required debt amortization payments due in 2010 will be $182 million (rather than $180 million as reported);
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the required debt amortization payments due in 2011 will be $238 million (rather than $234 million);
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the outstanding term debt extended by 18 months to June 2013 is approximately $248 million (rather than $257 million).
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company and Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: Certain of the statements in this release regarding the loan modification agreement that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, the ability of the Company to remain in compliance with its obligations under its credit agreement, as well as other risks and uncertainties discussed in CB Richard Ellis’ filings with the Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CB Richard Ellis expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CB Richard Ellis does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to CB Richard Ellis’ business in general, please refer to the Company’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009. Such filings are available publicly and may be obtained off the Company's website at www.cbre.com or upon request from the CB Richard Ellis Investor Relations Department at investorrelations@cbre.com.