Daily News: May 1, 2014

Royal Bank of Canada Agents $105MM Credit Facility

Tricon Capital Group announced an increase in its corporate credit facility to $105 million from $45 million. The credit facility was led by a syndicate of financial institutions including the Royal Bank of Canada as administrative agent, J.P. Morgan, TD Securities and Raymond James as lenders.

The terms of this credit facility are in line with the prior revolver, though the maturity date has been extended to April 2018.

“We are pleased with the upsize of our Corporate credit facility which improves our liquidity position and enhances our ability to achieve our growth objectives in the short and long term,” said David Berman, Tricon’s CEO. Berman continued, “We appreciate the commitment of our lenders. The participation of both new and existing high caliber financial institutions in our credit line is testament to Tricon’s steady performance, strong balance sheet and anticipated growth plan.”

Founded in 1988, Tricon is a North American residential real estate investment company.