Colliers International calls all 4% convertible notes due 2025

By Marisa Wong

Los Angeles, April 4 – Colliers International Group Inc. issued a notice of redemption to all holders of its 4% convertible senior subordinated notes due 2025. As of April 4, $230 million principal amount is outstanding.

The redemption date will be June 1, according to a press release.

Under the terms and conditions of the notes, the company will redeem the notes by issuing an amount of subordinate voting shares per $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 30-trading day period ending on May 24.

All accrued interest on any redeemed amounts for the period up to but excluding the redemption date will be paid in cash.

Prior to 5 p.m. ET on May 31, holders of the convertible notes will have the right to convert the notes into shares at a conversion rate of 17.7607 shares per $1,000 of principal amount, which is equivalent to a conversion price of roughly $56.30 per share.

No fractional shares will be issued upon any redemption or conversion, and any fractional shares will be settled with cash.

Colliers is a diversified professional services and investment management company based in Toronto.

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