Debt

6 Months Ended

Jun. 30, 2021

DEBT

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


($ in millions)	June 30, 2021		December 31, 2020
Short-term borrowings:
Local overdraft facilities	$	8.0	12.0
Other short-term borrowings	94.5		50.0
Total short-term borrowings	$	102.5	62.0
Credit facility, net of debt issuance costs of $13.3 and $8.7	336.7		(8.7)
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.4 and $0.8	274.6		274.2
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.8 and $0.8	206.7		213.9
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.9 and $0.9	206.6		213.9
Total debt	$	1,127.1	755.3

Credit Facility

On April 14, 2021, we amended our $2.75 billion unsecured revolving credit facility (the "Facility"), which extended the maturity date from May 17, 2023 to April 14, 2026. Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35%, with pricing as of June 30, 2021, 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 as of both June 30, 2021 and December 31, 2020.

The following tables provides additional information on our Facility.


	Three Months Ended June 30,					Six Months Ended June 30,
($ in millions)	2021			2020		2021			2020
Average outstanding borrowings under the Facility	$	612.5		1,351.5		$	399.6		1,143.4
Effective interest rate on the Facility	1.0		%	1.4	%	1.0		%	1.8	%

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 $64.9 million under local overdraft facilities. Amounts outstanding are presented in the debt table above.

As of June 30, 2021, 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 June 30, 2021.

Warehouse Facilities


	June 30, 2021			December 31, 2020
($ in millions)	Outstanding Balance		Maximum Capacity	Outstanding Balance	Maximum Capacity
Warehouse Facilities:
LIBOR plus 1.30%, expires September 20, 2021(1)	$	83.4	700.0	144.4	400.0
LIBOR plus 1.30%, expires September 18, 2021(2)	463.9		1,200.0	768.9	1,600.0
LIBOR plus 1.30%, expires August 27, 2021(3)	151.1		200.0	195.9	900.0
Fannie Mae ASAP(4) program, SOFR plus 1.25%(5)	16.0		n/a	128.8	n/a
LIBOR plus 1.50%	—		—	261.6	300.0

Gross warehouse facilities	714.4		2,100.0	1,499.6	3,200.0
Debt issuance costs	(0.3)		n/a	(1.2)	n/a
Total warehouse facilities	$	714.1	2,100.0	1,498.4	3,200.0

(1) In the second quarter of 2021, JLL increased the maximum capacity of the Warehouse facility with a decrease to the interest rate, previously, the facility had an interest rate of LIBOR plus 1.40% and a maximum capacity of $400.0 million.

(2) In the second quarter of 2021, JLL amended the Warehouse facility with a decrease to the interest rate, previously, the facility had an interest rate of LIBOR plus 1.40%. The temporary maximum capacity increase to $1,600.0 million expired on January 31, 2021; thereafter, the maximum capacity reverted to its original contractual amount.

(3) In the second quarter of 2021, JLL amended the Warehouse facility with a decrease to the interest rate, previously, the facility had an interest rate of LIBOR plus 1.40%. The temporary maximum capacity increase to $900.0 million expired on January 6, 2021; thereafter, the maximum capacity reverted to its original contractual amount.

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

(5) JLL amended the Fannie Mae ASAP program interest rate to Secured Overnight Financing Rate ("SOFR") plus 1.25%, previously, the facility had an interest rate of LIBOR plus 1.15%.

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 June 30, 2021.