TORONTO, Sept. 29, 2022 (GLOBE NEWSWIRE) — FirstService Corporation FSVFSV (“first service“) announced today that it has secured a loan with its existing lenders, NYL Investors LLC (“New York Life”) of up to $150 million and PGIM Private Capital, the direct private debt and structured equity arm of PGIM, Inc. ( “Prudential”), each of up to $300 million net of all existing Notes held by them. The Facilities each have a three-year term expiring on September 29, 2025. FirstService may issue incremental tranches of the Notes under the Facilities, subject to the Adopted by New York Life or Prudential, with varying maturities as determined by FirstService and with coupon prices to be determined at the time of issuance of each debenture.
As part of the closure of the New York Life facility, FirstService has issued $60 million of 4.53% debentures due September 29, 2032 to New York Life by way of a private placement. Together with the previously outstanding $90 million 3.84% Notes due January 16, 2025, which are equally owned by New York Life and Prudential, FirstService currently has issued and outstanding Notes of $150 million leaving currently $300 million of capacity remaining under the facilities. Proceeds from the issued debentures are intended to be used for working capital and general corporate purposes and to fund future tuck-under acquisitions and potential repayment of outstanding amounts under FirstService’s revolving bank credit facility. Representations and limitations under the facilities are substantially the same as those contained in FirstService’s revolving bank credit facility.
“We value the long-standing relationships and support of Prudential and New York Life, both of whom have served as lenders to our…
