FirstService upsizes revolving loans by C$150 million to C$500 million

By Susanna Moon

Chicago, May 28 - FirstService Corp. said it lifted its revolving credit facility by C$150 million to C$500 million.

The upsizing was substantially oversubscribed by the company's 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 Royal Bank of Canada, according to a company press release.

Proceeds from the upsizing will be used for general corporate purposes.

"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 C$150 million raised privately in January of last year," John B. Friedrichsen, senior vice president and chief financial officer, said in a company news release.

Toronto-based FirstService is a property manager for residential and commercial properties.

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