Colliers extends and increases credit facility to US$1.5 billion
28 May 2022 - 6:05AM
Colliers International Group Inc. (TSX and NASDAQ: CIGI)
("Colliers") announced today that it has extended and increased its
unsecured multi-currency revolving credit facility (the “Credit
Facility”) for a new five-year term maturing in May 2027. The prior
credit facility had a maturity of April 2024. Borrowing capacity
under the new Credit Facility has been increased to $1.5 billion,
up from $1.0 billion. Financial covenants under the Credit Facility
remain unchanged. The new Credit Facility is sustainability-linked
and includes pricing adjustments tied to the achievement of
performance targets over time aligned with Colliers’ Elevate the
Built Environment framework. These targets include: 1) reducing
greenhouse gas emissions consistent with the Science-Based Targets
initiative (“SBTi”); 2) increasing female representation in
management roles and 3) ensuring Colliers-occupied offices obtain
the WELL Health-Safety certification.
The new Credit Facility was led by Bank of
Montreal and was syndicated to ten additional banks including HSBC
Bank, JP Morgan Chase Bank, Mizuho Bank, U.S. Bank,
Toronto-Dominion Bank, Bank of America, Bank of Nova Scotia,
Canadian Imperial Bank of Commerce, Wells Fargo Bank and National
Bank of Canada. The Credit Facility ranks pari passu with Colliers’
existing privately placed fixed rate senior notes maturing in 2028
and 2031.
“The new Credit Facility provides us with
additional capacity and greater flexibility as we continue to
execute on our growth plan and will be used to fund both existing
operations and strategic acquisitions globally,” said Christian
Mayer, Chief Financial Officer. “We are pleased that all eleven
members of our bank group have extended and increased their
participation in our Credit Facility, signaling their support and
confidence in our proven track record and prospects for the
future,” he concluded.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading
diversified professional services and investment management
company. With operations in 62 countries, our 17,000 enterprising
professionals work collaboratively to provide expert real estate
and investment advice to clients. For more than 27 years, our
experienced leadership with significant inside ownership has
delivered compound annual investment returns of 20% for
shareholders. With annual revenues of $4.3 billion and $57 billion
of assets under management, Colliers maximizes the potential of
property and real assets to accelerate the success of our clients,
our investors, and our people. Learn more at
corporate.colliers.com, Twitter @Colliers or LinkedIn.
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, 2021 under the heading
“Risk Factors” (which factors are adopted herein and a copy of
which can be obtained at www.sedar.com). 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 MayerChief Financial Officer(416)
960-9500
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