In order to reduce its existing debt,
Jones Lang LaSalle Incorporated (
, a real estate investment trust (REIT), recently announced the
pricing of an underwritten public offering of senior notes worth
$275 million. The senior notes, which are scheduled to mature in
2022, bear an interest rate of 4.400%.
BARCLAY PLC-ADR (BCS): Free Stock Analysis
JONES LANG LASL (JLL): Free Stock Analysis
JPMORGAN CHASE (JPM): Free Stock Analysis
WELLS FARGO-NEW (WFC): Free Stock Analysis
To read this article on Zacks.com click here.
The company expects the public offering to be completed by
November 9, 2012, upon the fulfillment of certain customary
conditions. The book-running managers for the notes
offering are Barclays Capital Inc. - an arm of
Barclays PLC (
, J.P. Morgan Securities LLC, a part of
JPMorgan Chase & Co. (
and Wells Fargo Securities, LLC, which is a unit of
Wells Fargo & Company (
Apart from paying off the debts outstanding under its revolving
credit facility, the company also plans to utilize the
proceedings from the offering for other corporate purposes.
Recently, Jones Lang reported third quarter 2012 earnings per
share of $1.23, ahead of Zacks Consensus Estimate of $1.18. As of
September 30, 2012, the company has cash and cash equivalents of
$125.7 million and net debt of $767.0 million.
Chicago-based Jones Lang LaSalle provides corporate, financial
and investment management services to corporations and other real
estate owners, users, and investors worldwide. A broad real
estate product and service range, and extensive knowledge of
domestic and international real estate markets enable the company
to operate as a one-stop provider of real estate solutions. As of
September 30, Jones Lang serves clients in 70 countries from over
1,000 locations worldwide and holds a portfolio of approximately
2.1 billion square feet.
We currently have a long-term Neutral recommendation on Jones
Lang. Also, it carries a short-term Zacks #3 Rank (Hold).