Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 159

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 159
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") ranges from Adjusted Term ("SOFR") plus 0.875% to 1.35%, with pricing including facility fees, as of December 31, 2024 at Adjusted Term SOFR plus 0.98%.In addition, we have an uncommitted credit agreement (the "Uncommitted Facility"), which allows for discretionary short-term liquidity of up to $400.0 million. Interest and fees are set at the time of utilization and calculated on a 360-day basis. Between quarter-end dates, we intend to use the proceeds to reduce indebtedness under the Facility at a lower interest rate. As such, the Uncommitted Facility had no outstanding balance as of December 31, 2024 and 2023.The following table provides additional information on our Facility, Uncommitted Facility, and the Program collectively.Year Ended December 31,($ in millions)20242023Average outstanding borrowings$1,381.4 1,875.9 Average effective interest rate5.9 %5.9 %We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, share repurchases and capital expenditures.Short-Term and Long-Term DebtIn addition to our credit facilities, we had the capacity to borrow up to an additional $42.5 million under local overdraft facilities as of December 31, 2024. Amounts outstanding are presented in the debt table above.As of December 31, 2024, our issuer and senior unsecured ratings were investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.CovenantsOur Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of December 31, 2024.Warehouse FacilitiesDecember 31, 2024December 31, 2023($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum CapacityWarehouse facilities:SOFR plus 1.40%, expires September 15, 2025(1)$341.3 700.0 159.0 700.0 SOFR plus 1.30%, expires September 13, 2025(1)416.5 2,100.0 405.1 1,200.0 SOFR plus