Colliers International Group Inc. announced that it has expanded and extended its multi-currency revolving credit facility (the “Facility”) to reinforce its already strong financial position and increase its flexibility for future growth. Borrowing capacity has been expanded to US$700 million, from US$525 million, and the maturity date extended to January 2022 from June 2020. The new unsecured Facility reflects Colliers’ proven long-term growth strategy, increased scale, geographic and service line diversification, high level of insider ownership, and investment-grade balance sheet.
TD Securities acted as Lead Arranger for the financing. The Toronto-Dominion Bank acted as Administration Agent. HSBC Bank and Bank of Montreal acted as Syndication Agents while JP Morgan Chase Bank, The Bank of Nova Scotia and U.S. Bank acted as Documentation Agents. Additional bank participants include Royal Bank of Canada, Bank of America, Canadian Imperial Bank of Commerce, National Bank of Canada, and Wells Fargo Bank. Torys LLP acted as legal counsel to Colliers in connection with this financing.
“We are very pleased to have completed this important step in our ongoing efforts to ensure that Colliers has the necessary capacity and flexibility to fund our operations and growth across our global operations,” said Christian Mayer, Vice President Finance & Treasurer.
“The ongoing support and vote of confidence by our bank group is a critical component of our strategic growth plan,” said John B. Friedrichsen, Chief Financial Officer. “The expanded and newly unsecured 5 year, multi-currency Facility provides us with competitively priced and highly flexible debt capital that forms an important component of our overall capital structure, and a solid foundation to anchor our strong balance sheet and support our growth well into the future,” he concluded.
“With this important step completed early in the year, we look forward to continuing to pursue significant growth opportunities across our entire global platform, execute on our Enterprise 2020 strategic growth plan, while continuing to deliver significant returns to our shareholders in the years to come”, said Jay S. Hennick, Chairman & Chief Executive Officer.