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CBRE Group, Inc. Increases and Extends Revolving Credit Facility
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
CBRE Group, Inc. (NYSE:CBRE) has secured a new five-year revolving credit agreement, increasing its credit facility from $3.15 billion to $3.5 billion. This facility will support the firm's growth while promoting sustainability initiatives, including enhancing office sustainability certifications and transitioning to electric vehicles. Chief Financial Officer Emma Giamartino expressed gratitude for lender confidence in CBRE's strategy. Key financial institutions involved in the arrangement include Wells Fargo, BofA Securities, and JPMorgan Chase.
Positive
Increase in revolving credit facility to $3.5 billion, enhancing financial flexibility.
Incentives linked to sustainability goals may attract environmentally conscious investors.
Negative
None.
DALLAS--(BUSINESS WIRE)--
CBRE Group, Inc. (NYSE:CBRE) today announced that it has entered into a new five-year revolving credit agreement that increases its revolving credit facility to $3.5 billion from $3.15 billion.
The facility includes incentives linked to achieving certain sustainability goals, including increasing 1) CBRE offices over 10,000 square feet that achieve sustainability certificates, 2) procurement spending with sustainable suppliers and 3) the North American vehicle fleet converted to electric vehicles.
“The new facility enhances our capacity and flexibility to invest in CBRE’s growth while advancing our environmental, social and governance goals,” said Emma Giamartino, the company’s chief financial and investment officer. “We appreciate this continued vote of confidence from our lenders in our people, platform and strategy.”
The Joint Lead Arrangers and Joint Bookrunners for the transaction were Wells Fargo Securities, LLC, BofA Securities Inc, The Bank of Nova Scotia, HSBC Bank USA, National Association, JPMorgan Chase Bank, N.A. and National Westminster Bank PLC.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
What is the significance of CBRE's new revolving credit agreement announced in 2023?
CBRE's new revolving credit agreement increases its facility to $3.5 billion, enhancing financial capacity and supporting growth initiatives.
How does the new credit facility impact CBRE's sustainability efforts?
The credit facility includes incentives for achieving sustainability goals, such as increasing sustainable office certifications and transitioning to electric vehicles.
Who were the key financial institutions involved in CBRE's credit facility deal?
The joint lead arrangers included Wells Fargo, BofA Securities, HSBC, JPMorgan Chase, and The Bank of Nova Scotia.
What are CBRE's plans for the funds from the new credit facility?
CBRE plans to use the funds to invest in its growth while advancing its environmental, social, and governance objectives.
