Colliers International talks $200 million five-year convertible notes at 3.5%-4%, up 30%-35%

By Abigail W. Adams

Portland, Me., May 14 – Colliers International Group plans to price $200 million of five-year convertible notes after the market close on Thursday with price talk for a coupon of 3.5% to 4% and an initial conversion premium of 30% to 35%, according to a market source.

BMO Capital Markets Corp. and Goldman Sachs & Co. LLC are the bookrunners for the Rule 144A and Regulation S offering, which carries a greenshoe of $30 million.

The notes are non-callable for three years and then subject to a 130% hurdle with a make-whole.

They are putable upon a fundamental change.

The notes will be settled in stock.

Proceeds will be used to repay debt under the company’s revolving credit facilities, which will then be drawn down for working capital, acquisitions, contingent purchase considerations and general corporate purposes.

Colliers is a Toronto-based real estate professional services and investment management company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.