Ogier in BVI advises on US$1.5 billion credit facility extension for Colliers Group

Ogier in the BVI has advised on the extension and increase of a multi-currency revolving credit facility made available by a consortium of banks, headed by Bank of Montreal, to Colliers International Group Inc (Colliers), a company listed on NASDAQ and TSX.

The new facility has increased Colliers' borrowing capacity from US$1 billion to US$1.5 billion, with an extended maturity date for an additional five year term. The facility was also modified to (a) make it sustainability-linked, and (b) include pricing adjustments tied to the achievement of certain performance targets, including:

1. the reduction of greenhouse gas emissions
2. increased female representation in management roles
3. the securing of WELL Health-Safety certification for Colliers-occupied offices

The Ogier transactional team was led by associate Tiffany Tolliss with partner Ray Wearmouth. Ogier worked alongside Torys LLP and Norton Rose Fulbright Canada LLP.