Colliers expands credit facility to US$2.25 billion
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.
Colliers International Group ha ampliato e prolungato la sua linea di credito revolving multi-valuta non garantita a 2,25 miliardi di dollari, rispetto ai 1,75 miliardi di dollari precedenti. La nuova linea di credito scade a novembre 2029, sostituendo il precedente accordo in scadenza a maggio 2027. L'espansione offre oltre 1 miliardo di dollari di capacità per nuove iniziative di crescita, mantenendo inalterati i vincoli finanziari. La transazione, guidata dalla Bank of Montreal e sindacata a 12 banche aggiuntive, ha un rango pari a quello delle obbligazioni senior a tasso fisso esistenti di Colliers, in scadenza nel 2028 e nel 2031.
Colliers International Group ha ampliado y extendido su línea de crédito revolving no garantizada en múltiples divisas a 2,25 mil millones de dólares, frente a los 1,75 mil millones de dólares anteriores. La nueva línea de crédito vence en noviembre de 2029, reemplazando el acuerdo anterior que vencía en mayo de 2027. La expansión proporciona más de 1 mil millones de dólares de capacidad para nuevas iniciativas de crecimiento, con los convenios financieros sin cambios. La transacción, liderada por el Bank of Montreal y sindicada a 12 bancos adicionales, tiene un rango pari passu con los bonos senior a tasa fija existentes de Colliers que vencen en 2028 y 2031.
콜리어스 인터내셔널 그룹은 무담보 다통화 리볼빙 신용 한도를 225억 달러로 확대 및 연장하였으며, 이는 기존의 175억 달러에서 증가한 수치입니다. 새로 설정된 신용 한도는 2029년 11월에 만료되며, 이전의 2027년 5월 만기 계약을 대체합니다. 이 확장은 새로운 성장 이니셔티브를 위한 10억 달러 이상의 용량을 제공하며, 금융 약정은 변동 없음 그대로 유지됩니다. 이 거래는 몬트리올 은행이 주도하고 12개의 추가 은행에 배당되었으며, 2028년과 2031년에 만기가 있는 콜리어스의 기존 고정 금리 선순위 노트와 동일한 위치에 있습니다.
Colliers International Group a élargi et prolongé sa ligne de crédit revolving multidevises non garantie à 2,25 milliards de dollars US, contre 1,75 milliard de dollars US précédemment. La nouvelle ligne de crédit arrivera à échéance en novembre 2029, remplaçant l'accord précédent qui devait arriver à échéance en mai 2027. L'expansion offre plus de 1 milliard de dollars de capacité pour de nouvelles initiatives de croissance, avec des covenants financiers inchangés. La transaction, dirigée par la Banque de Montréal et syndiquée à 12 banques supplémentaires, est au même rang que les billets senior à taux fixe existants de Colliers arrivant à échéance en 2028 et 2031.
Colliers International Group hat seine unbesicherte, mehrwährungsfähige Revolving-Kreditlinie auf 2,25 Milliarden US-Dollar erweitert und verlängert, von zuvor 1,75 Milliarden US-Dollar. Die neue Kreditlinie läuft bis November 2029 und ersetzt die vorherige Vereinbarung, die im Mai 2027 fällig war. Die Erweiterung bietet über 1 Milliarde US-Dollar an Kapazität für neue Wachstumsinitiativen, während die finanziellen Verpflichtungen unverändert bleiben. Die Transaktion, die von der Bank of Montreal geleitet und an 12 weitere Banken syndiziert wurde, hat denselben Rang wie die bestehenden festverzinslichen Nachranganleihen von Colliers, die im Jahr 2028 und 2031 fällig werden.
- 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
- 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
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