Colliers expands credit facility to US$2.25 billion
Rhea-AI Summary
Colliers International Group has expanded and extended its unsecured multi-currency revolving credit facility to US$2.25 billion, up from US$1.75 billion. The new facility matures in November 2029, replacing the previous agreement due in May 2027. The expansion provides over $1 billion of capacity for new growth initiatives, with unchanged financial covenants. The transaction, led by Bank of Montreal and syndicated to 12 additional banks, ranks pari passu with Colliers' existing fixed rate senior notes maturing in 2028 and 2031.
Positive
- Increased credit facility capacity by $500 million to $2.25 billion
- Extended maturity date by 2.5 years to November 2029
- Secured over $1 billion in available capacity for growth initiatives
- Maintained existing financial covenants and key terms
Negative
- None.
Insights
This significant credit facility expansion demonstrates strong financial backing and growth potential for Colliers. The
The syndication among 13 major banks, including global leaders like JP Morgan and Bank of America, adds credibility to the facility. With over
The pari passu ranking with existing senior notes maintains a clean capital structure, while the multi-currency feature provides flexibility for international operations and acquisitions.
Extends term, enhances flexibility to continue funding global growth
TORONTO, Nov. 29, 2024 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (TSX and NASDAQ: CIGI) ("Colliers") today announced the expansion and extension of its unsecured multi-currency revolving credit facility (the “Credit Facility”) for a new five-year term, maturing November 2029. The updated Credit Facility replaces the previous agreement which was set to mature in May 2027 and increases borrowing capacity to
The transaction was led by Bank of Montreal and was syndicated to 12 additional banks including JP Morgan Chase Bank, U.S. Bank, Mizuho Bank, Bank of America, HSBC Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada, Wells Fargo Bank and Desjardins. The Credit Facility ranks pari passu with Colliers’ existing privately placed fixed rate senior notes maturing in 2028 and 2031.
“The expanded and extended Credit Facility enhances our capacity and flexibility to support Colliers’ ongoing global growth, both organically and through acquisitions,” said Christian Mayer, Chief Financial Officer. “We appreciate the continued support and confidence of our relationship banking group as we execute on our long-term growth strategy,” he concluded.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading global diversified professional services company, specializing in commercial real estate services, engineering consultancy and investment management. With operations in 70 countries, our 22,000 enterprising professionals provide exceptional service and expert advice to clients. For nearly 30 years, our experienced leadership – with substantial inside ownership – has consistently delivered approximately
Forward-looking Statements
Certain information included in this news release is forward-looking, within the meaning of applicable securities laws. Much of this information can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar expressions suggesting future outcomes or events. Colliers believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.
Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to, risks associated with: (i) general economic and business conditions, which will, among other things, impact demand for Colliers’ services and the cost of providing services; (ii) the ability of Colliers to implement its business strategy, including Colliers’ ability to identify and acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) such factors as are identified in the Annual Information Form of Colliers for the year ended December 31, 2023 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedarplus.ca). Forward looking statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
COMPANY CONTACT:
Christian Mayer
Chief Financial Officer
(416) 960-9500
FAQ
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