Colliers Issues Notice of Redemption for Convertible Notes
April 04 2023 - 7:00AM
Colliers International Group Inc. (TSX and NASDAQ: CIGI)
("Colliers") announced today that it has issued a notice of
redemption to all holders of its previously issued 4.00%
convertible senior subordinated notes due 2025 (the “Convertible
Notes”). As at the date hereof, US$230 million of principal amount
is outstanding pursuant to the Convertible Notes.
The applicable redemption date shall be June 1,
2023 (the “Redemption Date”), and Colliers will, in accordance with
the terms and conditions of the indenture governing the Convertible
Notes, satisfy its obligations in connection with any redeemed
Convertible Notes by issuing an amount of subordinate voting shares
(“Shares”) per US$1,000 of redeemed principal amount that is
calculated based on the average of daily volume-weighted average
trading prices of the Shares for the thirty trading day period
ending on May 24, 2023. All accrued but unpaid interest on any
redeemed amounts for the period up to but excluding the Redemption
Date will be paid in cash.
Prior to 5:00 p.m. (Eastern time) on May 31,
2023, holders of Convertible Notes will have the right to convert
into Shares at a conversion rate of 17.7607 Shares per US$1,000 of
principal amount, which is equivalent to a conversion price of
approximately US$56.30 per Share.
No fractional shares will be issued upon any
redemption or conversion, and Colliers shall satisfy any fractional
shares by way of cash payment in accordance with the terms of the
indenture governing the Convertible Notes.
Holders of Convertible Notes are encouraged to
consult their applicable financial institution to obtain advice
regarding the redemption or conversion process.
This press release does not constitute an offer
to sell or a solicitation to buy any of the securities described
herein, nor shall there be any offer, solicitation, or sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading
diversified professional services and investment management
company. With operations in 65 countries, our 18,000 enterprising
professionals work collaboratively to provide expert real estate
and investment advice to clients. For more than 28 years, our
experienced leadership with significant inside ownership has
delivered compound annual investment returns of approximately 20%
for shareholders. With annual revenues of $4.5 billion and $98
billion of assets under management, Colliers maximizes the
potential of property and real assets to accelerate the success of
our clients, our investors, and our people. Learn more
at corporate.colliers.com,
Twitter @Colliers or LinkedIn.
Forward-looking Statements
This press release includes or may include
forward-looking statements, including regarding redemption of the
Convertible Notes. These statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results to be materially different from any future results,
performance or achievements contemplated in the forward-looking
statements. Such factors include the risk factors identified in the
Company’s other periodic filings with Canadian and US securities
regulators, including the Company’s most recently filed annual
information form which is available on SEDAR at www.sedar.com and
is filed with the Company’s most recently filed annual report on
Form 40-F and is available on EDGAR at www.sec.gov. Forward looking
statements contained in this press release are made as of the date
hereof and are subject to change. All forward-looking statements in
this press release are qualified by these cautionary statements.
Except as required by applicable law, Colliers undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Christian MayerChief Financial Officer(416)
960-9500
Colliers (NASDAQ:CIGI)
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