Colliers International Group completes US$300 million bought deal public offering
Torys acted as counsel to Colliers with a team that included Rima Ramchandani, David Singh and Sarah Rimer (Canadian securities), Chris Bornhorst and Jude Gee (U.S. securities), Richard Johnson and Caroline Sanders (Canadian tax), David Mattingly and Samantha Holloway (U.S. tax).
On February 28, 2024, Colliers International Group Inc. (“Colliers”) closed its previously announced public offering of 2,479,500 subordinate voting shares, at a price of US$121.00 per voting share for gross proceeds of US$300 million.
The offering was sold on a bought deal basis to a syndicate of underwriters led by BMO Capital Markets and J.P. Morgan as joint bookrunners, and including 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. Colliers also granted the underwriters an option, exercisable at the offering price for a period of 30 days following closing, to purchase up to an additional 15% of the offering to cover over-allotments, if any.
The net proceeds of the offering will be used to repay balances outstanding on Colliers’ credit facility and is intended to create additional capacity to fund potential future acquisition opportunities and growth initiatives, and for general corporate purposes.
Further information can be found on Globe Newswire’s website.
Colliers is a leading diversified professional services and investment management company.