The stock price of CB Richard Ellis Group Inc., the second-largest commercial real estate firm in St. Louis, saw a sharp upturn Wednesday after the company renegotiated its agreement with lenders to give the company more flexibility during the weak commercial real estate market.
The company said Wednesday the changes allow for a higher maximum leverage ratio, a lower minimum interest coverage ratio and other modifications.
J.P. Morgan upgraded the company from “overweight” to “neutral” as a result of the changes.
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