FirstService Corporation announced that it has expanded and extended its revolving credit facility (the “Facility”), on an unsecured basis, for a new five-year term maturing in February 2027. Under the amended Facility, borrowing capacity has been increased to USD 1.0 billion and, at any time during the term, FirstService also has the right to increase the Facility by up to USD 250 million on the same terms and conditions as the original Facility. The Facility will be used to repay the remaining term loan balance of USD 407 million 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 five-year Facility was substantially oversubscribed by its syndicate of ten banks, led by The Toronto-Dominion Bank and including JP Morgan Chase Bank, Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, U.S. Bank, Bank of America, HSBC Bank, National Bank of Canada and Raymond James Bank.