Strong financial profile reinforced with credit facility capacity increase to $2.0 billion, maturity extension to 2020
CHICAGO, February 26, 2015 – Jones Lang LaSalle
Incorporated (NYSE:JLL) announced today that it has amended its bank
credit facility (the “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 $2.0 billion
from $1.2 billion. The maturity has been extended to February 2020 from
October 2018.
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, Chief Financial Officer 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.”
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, N.A. were
joint-lead arrangers for this transaction.
About JLL
JLL
(NYSE: JLL) is a professional services and investment management firm
offering specialized real estate services to clients seeking increased
value by owning, occupying and investing in real estate. With annual fee
revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more
than 230 corporate offices, operates in 80 countries and has a global
workforce of approximately 58,000. On behalf of its clients, the firm
provides management and real estate outsourcing services for a property
portfolio of 3.4 billion square feet, or 316 million square meters, and
completed $118 billion in sales, acquisitions and finance transactions
in 2014. Its investment management business, LaSalle Investment
Management, has $53.6 billion of real estate assets under management.
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit www.jll.com.
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