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Debt | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Debt | 10. DEBT Debt is composed of the following obligations.
| December 31,
($ in millions) | 2023 | 2022
Local overdraft facilities | $ | 13.4 |  | 21.2 |
Other short-term borrowings | 134.5 |  | 143.0 |
Short-term borrowings | $ | 147.9 |  | 164.2 |
Credit facility, net of debt issuance costs of $14.4 and $11.2 | 610.6 |  | 1,213.8 |
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.4 and $0.5 | 193.3 |  | 186.5 |
Long-term senior notes, 6.875%, face amount of $400.0, due December 2028, net of debt issuance costs of $7.1 and $— | 392.9 |  | — |
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.6 and $0.7 | 193.1 |  | 186.3 |
Total debt | $ | 1,537.8 |  | 1,750.8 |
Credit Facilities On November 3, 2023, we executed Amendment No. 5 ("Amendment No. 5") to the Second Amended and Restated Multicurrency Credit Agreement dated as of June 21, 2016 (as amended, the “Credit Agreement”) which extended the maturity date to November 3, 2028 and amended the borrowing capacity to $3.30 billion. Pricing on the unsecured revolving credit facility (the "Facility") ranges from Adjusted Term SOFR plus 0.875% to 1.35%, with pricing including facility fees, as of December 31, 2023 at Adjusted Term SOFR plus 0.98%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.4 million as of both December 31, 2023 and December 31, 2022. In November 2022, we entered into an uncommitted credit agreement (the "Uncommitted Facility"), which allows for discretionary short-term liquidity of up to $400.0 million. Interest and fees are set at the time of utilization and calculated on a 360-day basis. Between quarter-end dates, we intend to use the proceeds to reduce indebtedness under the Facility at a lower interest rate. As such, the Uncommitted Facility has no outstanding balance as of both December 31, 2023 and 2022. The following table provides additional information on our Facility and Uncommitted Facility, collectively.
|  | Year Ended December 31,
($ in millions) |  |  | 2023 | 2022
Average outstanding borrowings |  |  | $ | 1,875.9 |  | 1,399.1 |
Average effective interest rate |  |  | 5.9 | % | 2.9 | %
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 and Long-Term Debt In addition to our credit facilities, we have the capacity to borrow up to an additional $55.2 million under local overdraft facilities as of December 31, 2023. Amounts outstanding are presented in the debt table above. On November 13, 2023, in an underwritten public offering, we issued $400.0 million of 6.875% Senior Notes due December 2028 (the "Notes"). The proceeds, net of underwriting discounts and expenses, were $392.9 million and were used to reduce borrowings on our Facility. The Notes bear interest at an annual rate of 6.875%. Interest will be payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2024. The Notes are our senior unsecured obligations and are not guaranteed by any of our subsidiaries. In addition, the Notes were issued pursuant to the Indenture, which contains customary events of default and negative restrictions for notes of this type, such as limitations on secured debt. During 2022 we redeemed all of our outstanding 4.4% Senior Notes due November 2022. The aggregate outstanding principal amount of these notes was $275.0 million. The redemption price for the notes was equal to 100% of the principal amount of the notes redeemed, plus accrued and unpaid interest. As of December 31, 2023, our issuer and senior unsecured ratings were investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. Covenants Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of December 31, 2023. Warehouse Facilities
| December 31, 2023 |  | December 31, 2022
($ in millions) | Outstanding Balance | Maximum Capacity |  | Outstanding Balance | Maximum Capacity
Warehouse facilities: |  |  |  |  |
BSBY(1) plus 1.30%, expires September 16, 2024(2) | $ | 159.0 |  | 700.0 |  |  | 215.7 |  | 700.0 |
SOFR plus 1.30%, expires September 14, 2024(3) | 405.1 |  | 1,200.0 |  |  | 132.3 |  | 1,200.0 |
SOFR plus 1.40%, expires July 26, 2024(4) | 62.3 |  | 400.0 |  |  | 9.0 |  | 400.0 |
Fannie Mae ASAP(5) program, SOFR plus 1.25% | 37.3 |  | n/a |  | 99.2 |  | n/a
Gross warehouse facilities | 663.7 |  | 2,300.0 |  |  | 456.2 |  | 2,300.0 |
Debt issuance costs | (1.0) |  | n/a |  | (0.9) |  | n/a
Total warehouse facilities | $ | 662.7 |  | 2,300.0 |  |  | 455.3 |  | 2,300.0 |
(1) Bloomberg Short-Term Bank Yield Index rate ("BSBY") (2) In 2023, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 18, 2023. (3) In 2023, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 15, 2023. (4) In 2023, JLL extended the Warehouse facility; previously, the facility had a maturity date of July 28, 2023. (5) 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 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 December 31, 2023. 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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