Colliers closes $550-million note financing

Executive Summary

• Colliers International Group Inc. completed a private placement of C$550 million (approximately $400 million USD) of 4.73% fixed-rate senior unsecured notes due 2033.
• The notes are issued by a subsidiary and fully guaranteed by Colliers, ranking equally with all other unsecured and unsubordinated indebtedness.
• Proceeds will be utilized for general corporate purposes, including the repayment of outstanding borrowings under its revolving credit facility.

Key Details

• Gross proceeds: C$550 million (approximately $400 million USD)
• Instrument: 4.73% fixed-rate senior unsecured notes
• Maturity: 2033
• Issuer: Colliers Macaulay Nicolls Inc. (a subsidiary of Colliers)
• Guarantor: Colliers International Group Inc. (fully guaranteed)
• Debt Ranking: Equally with all other unsecured and unsubordinated indebtedness, including the revolving credit facility and existing senior unsecured notes
• Use of Proceeds: General corporate purposes and repayment of outstanding revolving credit facility borrowings
• Issuance Structure: Private placement

Notable Quotes

• "This financing further strengthens our balance sheet and enhances our financial flexibility as we continue to execute our long-term growth strategy," said Michael Harding, vice-president, finance, and treasurer.
• "The strong support from both new and existing institutional investors reflects continued confidence in our performance and disciplined approach to capital management," he concluded.