FirstService increases revolver to $250 million, extends to 2023

By Wendy Van Sickle

Columbus, Ohio, Jan. 17 – FirstService Corp. increased its revolving credit facility to $250 million from $200 million and extended its maturity to January 2023 from June 2020, according to a press release.

FirstService may increase the revolver by up to an additional $100 million.

The credit facility was led by Toronto-Dominion Bank.

The revolver will continue to be used for working capital and general corporate purposes and to fund future tuck-under acquisitions.

“We are pleased to have completed this financing early in the year to maintain flexibility for FirstService to fund its ongoing operations and future growth,” Jeremy Rakusin, chief financial officer of the company, said in the news release.

“We appreciate the continued support of our bank group in completing this transaction. The facility, together with our existing $150 million of privately held long-term senior notes, ensures that our investment-grade balance sheet remains very strong with a conservative capital structure comprised of attractively priced debt financing.”

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

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