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CBRE GROUP INC (CBG)

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CBRE : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

05/29/2015 | 06:06am US/Eastern

Item 1.01 Entry into a Material Definitive Agreement

On May 28, 2015, the Company, CBRE Services, Inc., which is a subsidiary of the Company ("Services"), certain other subsidiaries of the Company (such subsidiaries, together with Services, the "Borrowers"), the lenders party thereto and Credit Suisse AG, as Administrative Agent and Collateral Agent, entered into a First Amendment (the "First Amendment") to the Second Amended and Restated Credit Agreement dated as of January 9, 2015 (the "Credit Agreement").

Pursuant to the Credit Agreement, the Borrowers may request that the Administrative Agent release all or a portion of the pledged collateral thereunder if Services obtains "Investment Grade Status" (as defined in the Credit Agreement) and maintains that status for 90 consecutive days. Services obtained Investment Grade Status on March 10, 2015. On May 8, 2015, the Borrowers requested the release of all pledged collateral under the Credit Agreement effective on and as of June 9, 2015, assuming that Services maintains Investment Grade Status through that date.

The First Amendment removes a requirement in the Credit Agreement that the Borrowers and the Guarantors (as defined in the Credit Agreement) re-pledge collateral (upon the request of the Collateral Agent) if Services ceases to maintain Investment Grade Status following a collateral release under the Credit Agreement, such that (after giving effect to the First Amendment) the Borrowers and the Guarantors will no longer need to re-pledge collateral.

The foregoing description of the First Amendment does not purport to be complete and is qualified by reference to the copy of the First Amendment filed herewith as Exhibit 10.1, which is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits




  (d) Exhibits

The exhibit listed below is being filed with this Current Report on Form 8-K:



Exhibit No.                                  Description

10.1              First Amendment to the Second Amended and Restated Credit
                  Agreement, dated as of May 28, 2015, among CBRE Group, Inc., CBRE
                  Services, Inc., certain subsidiaries of CBRE Services, Inc., the
                  lenders party thereto and Credit Suisse AG, as administrative
                  agent and collateral agent.

--------------------------------------------------------------------------------

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