Debt

9 Months Ended

Sep. 30, 2020

DEBT

Short-term borrowings and long-term debt obligations are composed of the following.



(in millions)	September 30, 2020		December 31, 2019
Short-term borrowings:
Local overdraft facilities	$	12.2	44.8
Other short-term borrowings	94.2		75.3
Total short-term borrowings	$	106.4	120.1
Credit facility, net of debt issuance costs of $9.6 and $12.3	390.4		512.7
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.8 and $1.2	274.2		273.8
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.9 and $0.9	204.4		195.4
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $1.0 and $1.0	204.3		195.4
Total debt	$	1,179.7	1,297.4

Credit Facility

We have a $2.75 billion unsecured revolving credit facility (the "Facility") that matures on May 17, 2023. Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35%, with pricing as of September 30, 2020, at LIBOR plus 0.95%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.7 million and $0.8 million as of September 30, 2020 and December 31, 2019, respectively.

The following tables provides additional information on our Facility.



	Three Months Ended September 30,					Nine Months Ended September 30,
($ in millions)	2020			2019		2020			2019
Average outstanding borrowings under the Facility	$	758.9		1,408.5		$	1,014.3		763.9
Effective interest rate on the Facility	1.1		%	3.1	%	1.6		%	3.2	%

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, dividend payments, share repurchases and capital expenditures.

Short-Term Borrowings and Long-Term Debt

In addition to our Facility, we have the capacity to borrow up to an additional $85.9 million under local overdraft facilities. Amounts outstanding are presented in the debt table above.

As of September 30, 2020, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.

Covenants

Our 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 September 30, 2020.

Warehouse Facilities



	September 30, 2020				December 31, 2019
($ in millions)	Outstanding Balance			Maximum Capacity	Outstanding Balance		Maximum Capacity
Warehouse Facilities:
LIBOR plus 1.15%, October 21, 2020¹	$	300.2		375.0	104.4		375.0
LIBOR plus 1.40%, expires September 18, 2021²	1,016.0			1,200.0	184.8		775.0
LIBOR plus 1.40%, expires August 27, 2021³	85.1			200.0	11.4		100.0
Fannie Mae ASAP⁴program, LIBOR plus 1.15%	84.3			n/a	53.6		n/a
LIBOR plus 1.25%⁵	239.2			500.0	151.6		1,000.0
LIBOR plus 1.25%	—			—	11.0		175.0
Gross warehouse facilities	1,724.8			2,275.0	516.8		2,425.0
Debt issuance costs	(1.0		)	n/a	(0.9	)	n/a
Total warehouse facilities	$	1,723.8		2,275.0	515.9		2,425.0

¹In the third quarter of 2020, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 21, 2020. In October 2020, JLL extended the Warehouse facility to September 20, 2021 with a maximum capacity of $400 million and an increase to the interest rate (to LIBOR plus 1.40%).

²In the third quarter of 2020, JLL extended the Warehouse facility with an increase to the interest rate; previously, the facility had a maturity date of September 19, 2020 and an interest rate of LIBOR plus 1.15%.

³In the third quarter of 2020, JLL extended the Warehouse facility with an increase to the interest rate; previously, the facility had a maturity date of August 31, 2020 and an interest rate of LIBOR plus 1.15%.

⁴As Soon As Pooled ("ASAP") funding program

⁵ In the third quarter of 2020, the maximum capacity was reduced from $1.0 billion to $500 million.

We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related warehouse receivables. Pursuant to these warehouse facilities, we are required to comply with certain financial covenants regarding (1) minimum net worth, (2) minimum servicing-related loans, and (3) minimum adjusted leverage ratios. We remained in compliance with all covenants under our Warehouse facilities as of September 30, 2020.