TORONTO - Colliers International Group (NASDAQ:CIGI) Inc. (TSX and NASDAQ: CIGI), a global leader in diversified professional services and investment management, has successfully completed a public offering of subordinate voting shares, raising gross proceeds of $300 million. The offering, which was announced earlier, involved the sale of 2,479,500 subordinate voting shares at a price of $121.00 per share.
The syndicate of underwriters for this transaction was led by BMO Capital Markets and J.P. Morgan, acting as joint bookrunners, and included a broad range of financial institutions such as Mizuho, National Bank Financial, RBC Capital Markets, Scotiabank, Merrill Lynch, BTIG, LLC, CIBC Capital Markets, Goldman Sachs, Raymond James, TD Securities, Wells Fargo, and Stifel Nicolaus.
In addition to the initial offering, Colliers has provided the underwriters with an over-allotment option, exercisable within 30 days from the closing of the offering, to purchase up to an additional 15% of the offering amount to cover any over-allotments.
The net proceeds from the offering are earmarked for repayment of balances outstanding on the company's credit facility. The additional capital is expected to enhance Colliers' financial flexibility, supporting potential future acquisitions, growth initiatives, and general corporate purposes.
Colliers operates in 66 countries with a workforce of 19,000 professionals. The company has a track record of delivering approximately 20% annual investment returns to shareholders over the past 29 years. With annual revenues of $4.3 billion and assets under management totaling $98 billion, Colliers continues to focus on maximizing property and real asset potential for its clients.
This news article is based on a press release statement from Colliers International Group Inc. and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities have not been approved or disapproved by any securities regulatory authority.
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