FirstService Corporation announced that it has increased its revolving credit facility to $500 million from $350 million. The $150 million increase was substantially oversubscribed by its syndicate of banks including TD Bank, JPMorgan Chase Bank, Bank of Montreal, Bank of Nova Scotia, HSBC Bank Canada, Bank of America, US Bank, Canadian Imperial Bank of Commerce, National Bank of Canada and The Royal Bank of Canada.
The increased facility will be utilized for general corporate purposes and otherwise all terms and conditions remained unchanged.
"This substantial increase in our revolver will provide greater flexibility and financial capacity to fund our growth objectives and complements the long-term debt capital of $150 million raised privately in January of last year," said John B. Friedrichsen, Senior Vice President & CFO. "We are delighted with the support we have received from our lenders and the confidence they have in our long-term strategy of creating value for our shareholders," he added.
"Securing $150 million of additional debt capital is a strong endorsement of FirstService and our financial strength, diversification, and historical track record of success," said Jay S. Hennick, Founder & CEO. "This increase together with our ambitious, but disciplined growth strategy, proven business model, and focus on global real estate services, will allow us to continue to deliver strong returns for our shareholders in the future as we have done since becoming a public company in 1993," he concluded.
FirstService Corporation is a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. FirstService manages more than 2.5 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International - one of the largest global players in commercial real estate services; FirstService Residential - North America's largest manager of residential communities; and FirstService Brands - one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.