Jones Lang LaSalle Amends Unsecured Revolving Credit Facility
Zacks Investment Research | May 20, 2018 09:36PM ET
Jones Lang LaSalle Incorporated (NYSE:JLL) , popularly known as JLL, recently amended its bank credit facility and extended the maturity of the bank's existing $2.75-billion unsecured revolving credit facility. The borrowing capacity remained intact, but the maturity was extended to May 2023 from the current date in June 2021.
The move is encouraging down the line for the company’s operational efficiency as it enhances the financial flexibility as well as provides support for JLL’s growth strategy.
Notably, JLL’s robust balance sheet helps it manage debt level in an efficient way. Though at the end of first-quarter 2018, the company’s net debt increased $323.9 million from the end of the prior quarter to $910.1 million, it was successfully brought down by $477.8 million from the prior-year figure. The sequential increase was due to the annual first-quarter payment of variable compensation to employees as it delivered strong results in 2017.
Nonetheless, the company is on track to reduce the debt levels. The year-over-year improvement reflects a significant progress in the company’s business performance and working-capital management. Backed by a solid balance sheet and healthy debt position, the company remains well poised to continue with its growth momentum.
Christie B. Kelly, the chief financial officer of JLL, informed, "Our balance sheet strength and investment-grade ratings reflect our commitment to profitable growth. Our stronger credit facility, supported by a top-tier banking group, provides liquidity and capacity at attractive pricing to maintain our capital allocation growth strategy including technology investments consistent with our digital agenda."
Shares of this Zacks Rank #1 (Strong Buy) company have surged 49.6% over the past year, widely outperforming 9.8% growth of the Zacks Investment Research
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