09:16 AM EST, 11/29/2024 (MT Newswires) -- Colliers International Group Inc. ( CIGI ) was at last look down 0.8% in US premarket trade as it announced the expansion and extension of its unsecured multi-currency revolving credit facility for a new five-year term, maturing November 2029.

A statement noted the updated credit facility replaces the previous agreement which was set to mature in May 2027 and increases borrowing capacity to $2.25 billion from $1.75 billion. The company said with this expansion, it has over $1 billion of capacity to invest in new growth initiatives. Financial covenants and other key terms remain unchanged, it noted.

Friday's statement noted the credit facility ranks pari passu with Colliers' existing privately placed fixed rate senior notes maturing in 2028 and 2031.

"The expanded and extended Credit Facility enhances our capacity and flexibility to support Colliers' ongoing global growth, both organically and through acquisitions," said Christian Mayer, Chief Financial Officer.