(Source: Associated Press/AP Online)
CHICAGO - Real estate services firm Jones Lang LaSalle Inc. said Monday it completed amendments to its credit and term-loan agreements, which will provide improved operating and financial flexibility.
Borrowing capacity remains at $865 million and both agreements still come due June 2012. The initial pricing is about 4.25 percent.
The amendment terms had been worked out with banks before the company initiated a common stock offering of 6.5 million shares, which closed on June 16.
The company will use $200 million raised from the stock issuance to pay down outstanding bank debt and focus on growing market share.
"With strong support from our relationship bank group, we were able to complete both of these transactions, maintaining our investment grade ratings, to achieve an even stronger balance sheet position," said Lauralee Martin, chief operating and financial officer, in a statement.
The company has clients in 60 countries from 750 locations worldwide, including 180 corporate offices. It has a property and corporate facility management services portfolio of about 1.4 billion square feet worldwide.
A service of YellowBrix, Inc.
