BMO Capital and BofA Lead Jones Lang LaSalle Facility Renewal
Jones Lang LaSalle announced that it renewed and extended its credit facility to further strengthen the firm’s operating flexibility. The borrowing capacity under the new facility increased to $1.2 billion from $1.1 billion. BMO Capital and Bank of America Merrill Lynch acted as co-lead arrangers on the transaction.
As of June 30, 2013, the firm had $479 million in borrowings outstanding on the facility. The maturity was extended to October 2018 from June 2016.
Pricing will range from LIBOR + 1.00% to LIBOR + 1.75% with initial pricing set at LIBOR + 1.25%. With a LIBOR rate of approximately 0.25%, the initial all-in pricing will be 1.50%, a 0.375% decrease from previous pricing. Certain other terms and conditions of the facility were amended to provide additional operating flexibility for the firm.
“We are very pleased to complete this renewed credit facility with the excellent support of the 19 lenders in our longstanding relationship bank group,” said Christie B. Kelly, chief financial officer of Jones Lang LaSalle. “We are committed to maintaining our financial strength and proud of our investment-grade ratings. This transaction further bolsters our already healthy financial position with improved pricing, modestly higher capacity and an extended maturity.”