Daily News: May 29, 2014

JPMorgan, Others Increase FirstService Revolver

FirstService announced that it increased its revolving credit facility to $500 million from $350 million. The $150 million increase was substantially oversubscribed by its syndicate of banks including JPMorgan Chase, TD Bank, Bank of Montreal, Bank of Nova Scotia, HSBC Bank Canada, Bank of America, U.S. 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.

“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 manages more than 2.5 billion square feet of residential and commercial properties.