FirstService (FSV) Announces $200 Million Bought Deal Financing of Common Stock

FirstService Corporation (NASDAQ: FSV) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and TD Securities Inc., under which the underwriters have agreed to buy on a bought deal basis 2,165,000 common shares (the “Common Shares”) of FirstService, at a price of US$92.50 per Common Share for gross proceeds of approximately US$200 million (the “Offering”). FirstService has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The offering is expected to close on or about December 13, 2019 and is subject to receipt of all necessary regulatory approvals.

The net proceeds of the Offering will be used to repay existing indebtedness under its revolving credit facility, which will then be available to be drawn, as required, for working capital, acquisitions and associated contingent purchase consideration and general corporate purposes.

The Common Shares will be offered by way of a short form prospectus filed in all of the provinces of Canada, excluding Quebec, and will be offered in the United States pursuant to a registration statement on Form F-10 filed under the Canada/U.S. multijurisdictional disclosure system, and on a private placement basis in certain jurisdictions outside Canada and the United States pursuant to applicable prospectus exemptions.

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