0001193125-21-082010.txt : 20210316 0001193125-21-082010.hdr.sgml : 20210316 20210316060959 ACCESSION NUMBER: 0001193125-21-082010 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20210316 DATE AS OF CHANGE: 20210316 GROUP MEMBERS: CB/TCC GLOBAL HOLDINGS LTD GROUP MEMBERS: CB/TCC, LLC GROUP MEMBERS: CBRE BUSINESS LENDING, INC. GROUP MEMBERS: CBRE CAPITAL MARKETS INC GROUP MEMBERS: CBRE CAPITAL MARKETS OF TEXAS LP GROUP MEMBERS: CBRE CLARION CRA HOLDINGS, INC. GROUP MEMBERS: CBRE CLARION REI HOLDING, INC. GROUP MEMBERS: CBRE CONSULTING INC GROUP MEMBERS: CBRE GLOBAL INVESTORS, INC. GROUP MEMBERS: CBRE GLOBAL INVESTORS, LLC GROUP MEMBERS: CBRE GOVERNMENT SERVICES, LLC GROUP MEMBERS: CBRE GWS LLC GROUP MEMBERS: CBRE HOLDINGS, LLC GROUP MEMBERS: CBRE LJM MORTGAGE CO LLC GROUP MEMBERS: CBRE LJM NEVADA INC GROUP MEMBERS: CBRE PARTNER, INC. GROUP MEMBERS: CBRE TECHNICAL SERVICES, LLC GROUP MEMBERS: CBRE, INC. GROUP MEMBERS: INSIGNIA ESG CAPITAL CORP GROUP MEMBERS: TRAMMELL CROW COMPANY, LLC GROUP MEMBERS: TRAMMELL CROW DEVELOPMENT & INVESTMENT, INC. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CBRE SERVICES, INC. CENTRAL INDEX KEY: 0000852203 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 521616016 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-251514-02 FILM NUMBER: 21743556 BUSINESS ADDRESS: STREET 1: C/O CBRE STREET 2: 2100 MCKINNEY AVENUE, SUITE 1250 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2149796100 MAIL ADDRESS: STREET 1: C/O CBRE STREET 2: 2100 MCKINNEY AVENUE, SUITE 1250 CITY: DALLAS STATE: TX ZIP: 75201 FORMER COMPANY: FORMER CONFORMED NAME: CB RICHARD ELLIS SERVICES, INC. DATE OF NAME CHANGE: 20110928 FORMER COMPANY: FORMER CONFORMED NAME: CB RICHARD ELLIS SERVICES INC DATE OF NAME CHANGE: 19980522 FORMER COMPANY: FORMER CONFORMED NAME: CB COMMERCIAL REAL ESTATE SERVICES GROUP INC DATE OF NAME CHANGE: 19980521 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CBRE GROUP, INC. CENTRAL INDEX KEY: 0001138118 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 943391143 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 2100 MCKINNEY AVENUE STREET 2: SUITE 1250 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 214-979-6100 MAIL ADDRESS: STREET 1: 2100 MCKINNEY AVENUE STREET 2: SUITE 1250 CITY: DALLAS STATE: TX ZIP: 75201 FORMER COMPANY: FORMER CONFORMED NAME: CB RICHARD ELLIS GROUP INC DATE OF NAME CHANGE: 20040217 FORMER COMPANY: FORMER CONFORMED NAME: CBRE HOLDING INC DATE OF NAME CHANGE: 20010411 FWP 1 d153305dfwp.htm FWP FWP

Filed Pursuant to Rule 433

File No. 333-251514

Pricing Term Sheet

CBRE Services, Inc.

$500,000,000 2.500% Senior Notes due 2031

March 15, 2021

 

The following information, filed pursuant to Rule 433, supplements the Preliminary Prospectus Supplement dated March 15, 2021, Registration Statement No. 333-251514

 

Issuer:    CBRE Services, Inc. (the “Issuer”)
Expected Ratings (Moody’s/S&P):*    Baa1/BBB+
Guarantors:    CBRE Group, Inc. and the subsidiaries of the Issuer that guarantee its senior credit facility
Title of Securities:    2.500% Senior Notes due 2031 (the “Notes”)
Principal Amount:    $500,000,000
Trade Date:    March 15, 2021
Settlement Date (T+3):**    March 18, 2021
Final Maturity Date:    April 1, 2031
Interest Payment Dates:    April 1 and October 1, commencing October 1, 2021
Record Dates:    March 15 and September 15
Coupon:    2.500%
Benchmark Treasury:    UST 1.125% due February 15, 2031
Benchmark Treasury Price / Yield:    95-19 / 1.607%
Spread to Benchmark Treasury:    + 107 basis points
Yield to Maturity:    2.677%
Public Offering Price:    98.451% of the principal amount
Net Proceeds to Issuer (before net expenses):    $489,005,000
Optional Redemption Provisions:   

Make-Whole Premium:

    For any date of redemption occurring prior to January 1, 2031, the Issuer will be entitled, at the Issuer’s option, to redeem all or a portion of the Notes at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of (a) the present value at the date of redemption of the remaining scheduled payments of principal and interest thereon to January 1, 2031, assuming the Notes matured on January 1, 2031, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (T+20 basis points), minus (b) accrued and unpaid interest to, but excluding, the date of redemption. In the case of each of clauses (1) and (2), accrued and unpaid interest, if any, will be payable to, but not including, the date of redemption.

Par Call:

    For any date of redemption occurring on and after January 1, 2031, the Issuer will be entitled, at the Issuer’s option, to redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption.
CUSIP/ISIN:    12505B AE0 / US12505BAE02
Joint Book-Running Managers:    Goldman Sachs & Co. LLC
   Wells Fargo Securities, LLC
   BofA Securities, Inc.
   HSBC Securities (USA) Inc.
   J.P. Morgan Securities LLC
   MUFG Securities Americas Inc.
   Scotia Capital (USA) Inc.
Co-Managers:    Barclays Capital Inc.
   Citigroup Global Markets Inc.
   Credit Suisse Securities (USA) LLC
   ANZ Securities, Inc.
   ING Financial Markets LLC
   NatWest Markets Securities Inc.
   Santander Investment Securities Inc.
   Truist Securities, Inc.
   U.S. Bancorp Investments, Inc.

 

*

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time.

**

We expect that delivery of the Notes will be made against payment therefor on or about the settlement date specified in this pricing term sheet, which will be the third business day following the date of pricing of the Notes (this settlement cycle being referred to as “T+3”). Pursuant to Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the second business day before settlement will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisor.

The Issuer has filed a registration statement including a prospectus and a prospectus supplement with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies may be obtained by calling Goldman Sachs & Co. LLC toll free at 1-866-471-2526 and Wells Fargo Securities, LLC toll free at 1-800-645-3751.