Daily News: November 26, 2018

TD Bank Agents $60MM Upsize to Timbercreek Revolver


TD Bank acted as sole lead arranger, sole book-runner and administration agent on a $60 million increase to Timbercreek Financial’s existing revolving credit facilities, bringing the total borrowing base to $500 million.

The amendment also included a $20 million swingline facility and extended the terms of the facility for an additional year, with a maturity date of December 20, 2019. The amendment additionally allowed each lender to extend the maturity date in respect of their respective commitment to December 20, 2020 or a later date, at the option of each lender.

The commitments of the lenders under the facility may be increased by an additional $100 million by way of an accordion feature, subject to satisfaction of certain conditions set forth in the agreement.

The accordion feature provides the company with flexibility to access funding without the carrying cost of paying standby commitment fees.

Proceeds from the increased facilities will be used for general corporate purposes and to fund mortgage investments or future acquisitions.

Timbercreek Financial is a non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors.