FirstService increases revolver led by TD Bank to $450 million

By Wendy Van Sickle

Columbus, Ohio, April 11 – FirstService Corp. increased its revolving credit facility to $450 million from $350 million, according to a press release.

The maturity remains in January 2023.

The increased commitments were “substantially oversubscribed by a syndicate of 10 banks,” led by Toronto-Dominion Bank, according to the release.

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

“The increased facility maintains our flexibility and capacity to fund FirstService’s operations and growth. Our investment-grade balance sheet remains very strong and well-balanced with the facility and our existing $150 million of privately-held long-term senior notes,” Jeremy Rakusin, chief financial officer of the company, said in the release.

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

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