FirstService (FSV) Increases Credit Facility to $1.75B

FirstService Corporation (NASDAQ: FSV) (“FirstService”) announced today that it has expanded and extended its unsecured revolving credit facility (the “Credit Facility”) for a new five-year term maturing in February 2030, replacing the prior facility which was set to expire in February 2027. Under the amended Credit Facility, borrowing capacity has been increased to US$1.75 billion up from the previous US$1.25 billion and, at any time during the term, FirstService also has the right to increase the Credit Facility by up to an additional US$250 million on the same terms and conditions as the original Credit Facility. The Credit Facility will continue to be utilized for working capital and general corporate purposes and to fund future tuck-under acquisitions.

The financing was substantially oversubscribed by its syndicate of 11 banks, led by The Toronto-Dominion Bank and including JP Morgan Chase Bank, Bank of America, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, U.S. Bank, Desjardins, National Bank of Canada, Royal Bank of Canada and Raymond James Bank.

“We appreciate the long-standing relationship with our banking group and their continued confidence and support with this financing. This transaction enhances our capacity and financial flexibility to fund future growth initiatives across our businesses,” said Jeremy Rakusin, Chief Financial Officer. “The Credit Facility, together with our outstanding tranches of privately-held long-term senior notes aggregating US$185 million, provides us with a healthy balance of attractively priced debt financing and maintains our strong, investment-grade balance sheet,” he concluded.

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