Colliers International Completes US$700 Million Revolving Credit Facility
(Thomson Reuters ONE) -
New unsecured structure increases financial capacity and flexibility to fund
future growth
TORONTO, Jan. 18, 2017 (GLOBE NEWSWIRE) -- Colliers International Group Inc.
(NASDAQ:CIGI) (TSX:CIGI) ("Colliers") announced today 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.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is an industry
leading global real estate services company with more than 16,000 skilled
professionals operating in 66 countries. With an enterprising culture and
significant employee ownership, Colliers professionals provide a full range of
services to real estate occupiers, owners and investors worldwide. Services
include strategic advice and execution for property sales, leasing and finance;
global corporate solutions; property, facility and project management; workplace
solutions; appraisal, valuation and tax consulting; customized research; and
thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful
and innovative advice that help clients accelerate their success. Colliers has
been ranked among the top 100 outsourcing firms by the International Association
of Outsourcing Professionals' Global Outsourcing for 11 consecutive years, more
than any other real estate services firm.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter:
(at)Colliers and 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, 2015 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.
COLLIERS CONTACT:
John B. Friedrichsen
Chief Financial Officer | Global
(416) 960-9500
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Colliers International Group Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 18.01.2017 - 22:00 Uhr
Sprache: Deutsch
News-ID 518571
Anzahl Zeichen: 6957
contact information:
Town:
Seattle, WA
Kategorie:
Business News
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