Credit Spread Adjustment Rate

[Table of Contents](#i36695dc5143241f795c32e47bf5f4b3d_7)CBRE GROUP, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)As of January 1, 2022, pursuant to an amendment to the 2021 Credit Agreement entered into on December 10, 2021, the applicable fixed rate for revolving borrowings denominated in Euros has been changed to EURIBOR and the applicable fixed rate for revolving borrowings denominated in Sterling has been changed to SONIA (with SONIA-based borrowings subject to a “credit spread adjustment” of an additional 0.0326% in addition to the interest rate spreads described above).As of December 31, 2021, no amount was outstanding under the revolving credit facility other than letters of credit totaling $2.0 million. These letters of credit, which reduce the amount we may borrow under the revolving credit facility, were primarily issued in the ordinary course of business.Turner & Townsend has a revolving credit facility with a capacity of £80.0 million and a maturity date of May 5, 2022. Existing borrowing under the revolving credit facility bears interest at three-month LIBOR plus 0.75% and ends February 10, 2022. Future borrowings bear interest at the SONIA overnight rate plus 1.0266% to 2.0266%, determined by reference to gearing (as defined in the 2021 credit agreement). As of December 31, 2021, $27.0 million was outstanding under the revolving credit facility. Warehouse Lines of CreditCBRE Capital Markets has warehouse lines of credit with third-party lenders for the purpose of funding mortgage loans that will be resold, and a funding arrangement with Fannie Mae for the purpose of selling a percentage of certain closed multifamily loans to Fannie Mae. These warehouse lines are recourse only to CBRE Capital Markets and are secured by our related warehouse receivables. See Note 5 for additional information.96
