Sylmar-based construction company Tutor Perini Corporation announced that it intends to offer up to $300 million of Senior Notes. The notes, also referred to as senior loans, constitute debt that takes priority over other unsecured obligations of the company. Tutor Perini intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions and stock repurchases. The offering will be made to qualified institutional buyers. The notes have not been and will not be registered under the Securities Act or any state securities laws. Similarly, CB Richard Ellis Group, Inc. announced its offering of $350 million senior notes due 2020. The notes will have an interest rate of 6.625 percent per annum and are being issued at a price equal to 100 percent of their face value. The notes will be issued by the company’s wholly-owned subsidiary, CB Richard Ellis Services, Inc., and guaranteed by the company and the subsidiaries that guarantee its senior secured credit facility on a full and unconditional basis. The company estimates that the net proceeds from the offering will be approximately $342.3 million, after deducting the initial purchasers’ discounts and estimated offering expenses. The company intends to use the net proceeds from the offering of the notes to repay a portion of the outstanding indebtedness under its senior secured credit facility.
