Shares of CB Richard Ellis Group rose more than 15 percent on Wednesday after the real estate investment trust announced a $550 million plan to reduce its debt, which currently stands at $2.4 billion.

CB Richard Ellis Group, Inc announced on Wednesday it will offer $400 million of senior subordinated notes due 2017 in a private placement. The company also announced a $100 million common stock sale to Paulson & co. Inc and launched a public stock offering of up to $50 million.

The real estate investment trust says it will use net proceeds both plans torepay or repurchase some of its outstanding debt and for general corporate purposes.

The company’s wholly owned subsidiary CB Richard Ellis Services, Inc will issue the notes. They will be backed by the company and the subsidiaries that guarantee its senior secured credit facility on a full and unconditional basis.