CIGI - Colliers International Group Inc. Announces US$300 Million Bought Deal Public Offering of Equity | Benzinga
TORONTO, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) ("Colliers" or the "Company") 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 2,479,500 subordinate voting shares (the "Subordinate Voting Shares"), at a price of US$121.00 per Subordinate Voting Share for gross proceeds of approximately US$300 million (the "Offering"). Colliers has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about February 28, 2024.
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.
The Subordinate Voting Shares are being offered for sale pursuant to the Offering in all of the provinces and territories of Canada, other than Quebec, by way of a prospectus supplement (the "Prospectus Supplement") to the Company's Canadian short form base shelf prospectus dated February 20, 2024 (the "Base Shelf Prospectus"). The Subordinate Voting Shares are being offered for sale in the public offering in the United States pursuant to an effective registration statement on Form F-10 (the "Registration Statement") filed under the Canada/U.S. multi-jurisdictional disclosure system. Before investing, prospective purchasers in Canada should read the Prospectus Supplement, the Base Shelf Prospectus, and the documents incorporated by reference therein, and prospective purchasers in the United States should read the Registration Statement and the documents incorporated by reference therein for more complete information about the Company and the Offering. Subordinate Voting Shares may also be offered on a private placement basis in other international jurisdictions in reliance on applicable private placement exemptions.
Copies of the Prospectus Supplement, the Base Shelf Prospectus, and the Registration Statement, when available, may be obtained upon request in Canada by contacting BMO Nesbitt Burns Inc., Brampton Distribution Centre ...