Timbercreek Financial Corp. entered into an amendment to increase its credit facility by $60 million, and extend the terms of the facility for an additional year. The facility is provided by a syndicate of lenders, with the Toronto-Dominion Bank acting as sole lead arranger, sole book-runner and administration agent.

The amendment increases the Company’s existing revolving credit facilities to an aggregate amount of $500 million (which includes a $20 million swingline facility).  The Amendment also amends the term of the credit agreement, which matures on December 20, 2019, by providing an option for each lender to extend the maturity date in respect of their respective commitment to December 20, 2020 or a later date, at the option of each lender.

The commitments of the lenders under the credit facility may be increased by an additional $100 million by way of an accordion feature, subject to satisfaction of certain conditions set forth in the agreement. The accordion feature provides the Company with flexibility to access funding without the carrying cost of paying standby commitment fees. Proceeds from the increased capacity under the revolving credit facilities will be used for general corporate purposes and to fund mortgage investments or future acquisitions.