FSV - FirstService expands credit facility to $1B for repaying remaining term loan balance

FirstService (NASDAQ:FSV) expanded and extended its revolving credit facility to $1B on an unsecured basis for a new 5-year term maturing in February 2027. Under the amended facility, FirstService also has the right to increase the facility by up to $250M on the same terms and conditions as the original facility. The facility will be used to repay the remaining term loan balance of $407M under the prior credit facility, and will also continue to be utilized for working capital and general corporate purposes and to fund future tuck-under acquisitions. The increased 5-year facility was substantially oversubscribed by its syndicate of ten banks. "The facility, together with our remaining tranche of $90M of privately-held long-term senior notes, provides us with a good complement of attractively priced debt financing and maintains our strong, investment-grade balance sheet," CFO Jeremy Rakusin commented.

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FirstService expands credit facility to $1B for repaying remaining term loan balance