Jones Lang LaSalle amended its bank credit facility to further strengthen the firm’s operating flexibility and align with its 2020 growth strategy. The borrowing capacity under the new facility has increased to $2 billion from $1.2 billion. The maturity has been extended to February 2020 from October 2018.
BMO Capital Markets and Bank of America Merrill Lynch were co-lead arrangers, and Barclays, The Royal Bank of Scotland plc and Wells Fargo Bank were joint-lead arrangers for this transaction.
Pricing will range from LIBOR + 1.00% to LIBOR + 2.05% with initial pricing set at LIBOR + 1.00%, consistent with previous pricing. With a LIBOR rate of approximately 0.25%, the initial all-in pricing will remain at 1.25%. Certain other terms and conditions of the facility were amended to provide additional operating flexibility for the firm.
“We are very pleased to amend our credit facility with the support of our long-standing relationship bank group,” said Christie B. Kelly, CFO of JLL. “We are committed to maintaining our financial strength and proud of our investment-grade ratings including our recent Standard & Poor’s upgrade. Our amended facility bolsters our already healthy financial position with higher capacity and an extended maturity aligned with our growth strategy that includes continued, disciplined investments for the long-term benefit of our clients and investors.”
JLL is a professional services and investment management firm offering specialized real estate services.