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Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt DEBT
Short-term borrowings and long-term debt obligations are composed of the following.
($ in millions)September 30, 2021December 31, 2020
Short-term borrowings:
Local overdraft facilities$13.0 12.0 
Other short-term borrowings104.6 50.0 
Total short-term borrowings$117.6 62.0 
Credit facility, net of debt issuance costs of $12.8 and $8.7
212.2 (8.7)
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.3 and $0.8
274.7 274.2 
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
202.0 213.9 
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
201.9 213.9 
Total debt$1,008.4 755.3 
Credit Facility
We have a $2.75 billion unsecured revolving credit facility (the "Facility") that matures on to April 14, 2026. Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35%, with pricing as of September 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 $0.7 million as of both September 30, 2021 and December 31, 2020.
The following tables provides additional information on our Facility.
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions)2021202020212020
Average outstanding borrowings under the Facility$497.1 758.9 $432.5 1,014.3 
Effective interest rate on the Facility1.0 %1.1 %1.0 %1.6 %
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 $57.0 million under local overdraft facilities. Amounts outstanding are presented in the debt table above.
As of September 30, 2021, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.
Covenants
Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of September 30, 2021.
Warehouse Facilities
September 30, 2021December 31, 2020
($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum Capacity
Warehouse Facilities:
LIBOR plus 1.30%, expires November 15, 2021(1)
$414.4 700.0 144.4 400.0 
LIBOR plus 1.30%, expires September 16, 2022(2)
1,658.3 2,000.0 768.9 1,600.0 
LIBOR plus 1.30%, expires August 27, 2022(3)
194.8 300.0 195.9 900.0 
LIBOR plus 1.60%, expires July 30, 2022(4)
— 400.0 — — 
Fannie Mae ASAP(5) program, SOFR plus 1.25%(6)
— n/a128.8 n/a
LIBOR plus 1.50%
— — 261.6 300.0 
Gross warehouse facilities2,267.5 3,400.0 1,499.6 3,200.0 
Debt issuance costs(1.2)n/a(1.2)n/a
Total warehouse facilities$2,266.3 3,400.0 1,498.4 3,200.0 
(1) In the third quarter of 2021, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 20, 2021. 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 third quarter of 2021, JLL extended the Warehouse facility with a temporary increase to the maximum capacity; previously the facility had a maturity date of September 18, 2021 and a temporary maximum capacity of $1,600.0 million which expired on January 31, 2021 and thereafter reverted to its original contractual amount. 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%.
(3) In the third quarter of 2021, JLL extended the Warehouse facility with an increase to the maximum capacity; previously, the facility had a maturity date of August 27, 2021 and a temporary maximum capacity of $900.0 million which expired on January 6, 2021 and thereafter reverted to its original contractual amount. 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%.
(4) In the third quarter of 2021, JLL added a new secured borrowing for $400.0 million under a master repurchase agreement that is scheduled to expire on July 30, 2022. Advances are made at 100% of the loan balance and borrowings are secured by the related warehouse receivables and bear interest at LIBOR plus 1.60%.
(5) As Soon As Pooled ("ASAP") funding program.
(6) 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 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 facilities as of September 30, 2021.