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Mizuho Bank Agents $125MM A/R Facility for Colliers International

April 16, 2019, 09:10 AM
Filed Under: Real Estate
Related: Mizuho Bank

Colliers International Group Inc. announced that it has established a structured accounts receivable facility to further diversify its capital structure. The AR Facility has committed availability of $125 million and includes selected US and Canadian trade accounts receivable, with an initial term of 364 days. Initial proceeds from the AR Facility, expected later this month, will be used to repay outstanding indebtedness under Colliers' multi-currency revolving credit facility. Colliers is the servicer under the AR Facility and clients will be unaffected. The AR Facility will reduce interest costs and reported financial leverage.

Mizuho Bank acted as agent, managing agent and committed investor for the transaction. Sidley Austin LLP and Torys LLP acted as US and Canadian legal counsel, respectively, for Colliers.

"We believe the AR Facility is a very complementary addition to our existing capital structure, providing us with an attractive low cost, off-balance sheet funding source," said Christian Mayer, Senior Vice President, Finance & Treasurer.

"While the initial term of the AR Facility is the typical 364 day duration, we expect this to be a component of our capital structure over the long term," said John B. Friedrichsen, Chief Financial Officer. "The AR Facility together with our recently extended multi-currency revolving credit facility due in 2024 and our 2.23% euro-denominated senior notes due in 2028, provide us highly cost-effective capital to continue funding our operations and strategic growth objectives around the world and in each of our service lines," he concluded.

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