Colliers International announces $300M bought deal offering

Colliers International Group has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and J.P. Morgan, under which the underwriters have agreed to buy on a “bought deal” basis 2.48M subordinate voting shares at a price of $121.00 per subordinate voting share for gross proceeds of approximately $300M. The offering is expected to close on or about February 28. The net proceeds of the offering will be used to repay balances outstanding on the company’s credit facility and are intended to create additional capacity to fund potential future acquisition opportunities and growth initiatives, and for general corporate purposes.