The FINANCIAL — Already-strong balance sheet further reinforced by long-term, attractively priced notes due 2031. Colliers International Group Inc. announced that it has entered into a note purchase agreement to issue US dollar and Euro fixed rate senior unsecured notes (the “Notes”), consisting of US$150 million of 3.02% Notes due 2031 and €125 million of 1.52% Notes due 2031.
The Notes were placed privately and rank equally with Colliers’ senior unsecured revolving credit facility and existing senior unsecured Euro notes due 2028. The proceeds of the issuances will be drawn on or about October 7, 2021. Colliers intends to use the proceeds for general corporate purposes and to reduce outstanding borrowings under its revolving credit facility, according to Colliers.
“This Notes issuance, totaling approximately US$300 million, aligns extremely well with the investments we have made in our US and European operations over the past few years, and future investments that we expect to make moving forward. This financing further reinforces our already-strong balance sheet, bringing our liquidity (defined as available unused credit plus cash on hand) to more than US$1 billion,” said Christian Mayer, Chief Financial Officer. “The issuance also extends our debt maturities and mitigates the impact of future increases in interest rates by securing attractively priced debt capital from high quality institutions for the long term.”
The Notes offered in the private placement have not been and will not be registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction. The notes may not be offered or sold in the United States absent registration with the US Securities and Exchange Commission or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes described in this press release, nor shall there be any sale of notes in any jurisdiction in which such an offer, sale or solicitation would be unlawful prior to registration under the securities laws of such jurisdiction.