Colliers International issues notice of redemption for convertible notes

Colliers International Group announced that it has issued a notice of redemption to all holders of its previously issued 4.00% convertible senior subordinated notes due 2025. As at the date hereof, $230M of principal amount is outstanding pursuant to the Convertible Notes. The applicable redemption date shall be June 1, 2023, and Colliers will, in accordance with the terms and conditions of the indenture governing the Convertible Notes, satisfy its obligations in connection with any redeemed Convertible Notes by issuing an amount of subordinate voting shares per $1,000 of redeemed principal amount that is calculated based on the average of daily volume-weighted average trading prices of the Shares for the thirty trading day period ending on May 24, 2023. All accrued but unpaid interest on any redeemed amounts for the period up to but excluding the Redemption Date will be paid in cash. Prior to 5:00 p.m. on May 31, 2023, holders of Convertible Notes will have the right to convert into Shares at a conversion rate of 17.7607 Shares per $1,000 of principal amount, which is equivalent to a conversion price of approximately $56.30 per Share.