Debt

12 Months Ended

Dec. 31, 2020

10. DEBT

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


	December 31,
($ in millions)	2020		2019
Short-term borrowings:
Local overdraft facilities	$	12.0	44.8
Other short-term borrowings	50.0		75.3
Total short-term borrowings	$	62.0	120.1
Credit facility, net of debt issuance costs of $8.7 and $12.3	(8.7)		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 $0.8 and $0.9	213.9		195.4
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.9 and $1.0	213.9		195.4
Total debt	$	755.3	1,297.4

Credit Facility

Our $2.75 billion unsecured revolving credit facility (the "Facility") matures on May 17, 2023. Pricing on the Facility ranges from three-month LIBOR plus 0.875% to 1.35%, with pricing as of December 31, 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 December 31, 2020 and 2019, respectively.

The following table provides additional information on our Facility.


	Year Ended December 31,
($ in millions)		2020			2019
Average outstanding borrowings under the Facility		$	865.1		851.6
Effective interest rate on the Facility		1.6		%	3.0	%

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 Borrowings and Long-Term Debt

In addition to our Facility, we have the capacity to borrow up to an additional $64.7 million under local overdraft facilities. Amounts outstanding are presented in the debt table presented above.

As of December 31, 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 December 31, 2020.

Warehouse Facilities


	December 31, 2020			December 31, 2019
($ in millions)	Outstanding Balance		Maximum Capacity	Outstanding Balance	Maximum Capacity
Warehouse facilities:
LIBOR plus 1.40%, September 20, 2021(1)	$	144.4	400.0	104.4	375.0
LIBOR plus 1.40%, expires September 18, 2021 (2)	768.9		1,600.0	184.8	775.0
LIBOR plus 1.40%, expires August 27, 2021 (3)	195.9		900.0	11.4	100.0
Fannie Mae ASAP(4) program, LIBOR plus 1.15%	128.8		n/a	53.6	n/a
LIBOR plus 1.50%	261.6		300.0	151.6	1,000.0
LIBOR plus 1.25%	—		—	11.0	175.0
Gross warehouse facilities	1,499.6		3,200.0	516.8	2,425.0
Debt issuance costs	(1.2)		n/a	(0.9)	n/a
Total warehouse facilities	$	1,498.4	3,200.0	515.9	2,425.0

(1) In 2020, JLL extended the Warehouse facility with an increase to the interest rate and maximum capacity; previously, the facility had a maturity date of September 21, 2020, a maximum capacity of $375.0 million and an interest rate of LIBOR plus 1.15%.

(2) In 2020, JLL extended the Warehouse facility with an increase to the interest rate and maximum capacity; previously, the facility had a maturity date of September 19, 2020,a maximum capacity of $775.0 million and an interest rate of LIBOR plus 1.15%.

(3) In 2020, JLL extended the Warehouse facility with an increase to the interest rate and maximum capacity; previously, the facility had a maturity date of August 31, 2020, a maximum capacity of $100.0 million and an interest rate of LIBOR plus 1.15%.

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

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 (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our Warehouse facilities as of December 31, 2020.

As a supplement to our lines of credit, we have an uncommitted facility with Fannie Mae under its As Soon As Pooled ("ASAP") funding program. After origination, we sell certain warehouse receivables to Fannie Mae; the proceeds are used to repay the original lines of credit used to fund the loan. The ASAP funding program requires us to repurchase these loans, generally within 45 days, followed by an immediate, ultimate, sale back to Fannie Mae. The difference between the price paid upon the original sale to Fannie Mae and the ultimate sale reflects borrowing costs.