CB Richard Ellis Group Inc. late Tuesday said it plans to sell up to $300 million worth of newly issued stock, with part of the proceeds used to pay down debt.

BofA Merrill Lynch will act as agent for the sale, which will be done in stages and whose timing was not announced. The Los Angeles real estate services giant said it plans to use net proceeds for general corporate purposes, which may include repayment of a portion of its senior secured credit agreement.

The company last week reported that its third quarter earnings plunged 69 percent as the recession continued to hurt commercial real estate leasing and sales.

Shares were down 28 cents, or 2.6 percent, to $10.50 in midday trading on the New York Stock Exchange.