Colliers has expanded and extended its unsecured multi-currency revolving credit facility to US$2.25 billion.

The new agreement, which matures in November 2029, replaces the previous facility set to expire in May 2027 and increases borrowing capacity by $500 million from US$1.75 billion.

The increase comes as the Bank of Canada is steadily lowering interest rates. The U.S. Federal Reserve is expected to do likewise, after being slow to introduce its monetary easing policy, pending government economic policies that may be introduced by president-elect Donald Trump.

The enhancement provides Toronto-based Colliers with more that US$1 billion in capacity for future growth initiatives, said the company in a news release. No changes were made to financial covenants or other key terms of the facility.

“The expanded and extended credit facility enhances our capacity and flexibility to support Colliers’ ongoing global growth, both organically and through acquisitions,” said Christian Mayer, the company’s CFO. “We appreciate the continued support and confidence of our relationship banking group as we execute on our long-term growth strategy.”

The transaction was led by Bank of Montreal and syndicated to 12 other major banks, including JP Morgan Chase Bank, U.S. Bank, Mizuho Bank, Bank of America, HSBC Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada, Wells Fargo Bank, and Desjardins.

The credit facility ranks equally with Colliers’ existing privately placed fixed-rate senior notes, which mature in 2028 and 2031, said the company.

Colliers is a leading global diversified professional services company that specializes in commercial real estate services, engineering consultancy, and investment management. The firm operates in 70 countries.

Pictured: Burrard Place office building in Vancouver

Photo: Colliers