Grubb & Ellis is paying $7 per share under the tender offer. The stock closed at $5.69 Friday. The company, one of the nation's largest commercial real estate services firms, will have approximately 13,253,681 shares outstanding as a result of the tender offer.
Grubb & Ellis entered into a $55-million credit agreement with its existing bank group to complete the tender offer. The credit agreement includes a $40-million term loan with a five-year amortization with Bank of America and a $15-million revolving credit line.
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