FirstService increases debt financing capacity and flexibility with existing senior unsecured bondholders, The Canadian Business Journal

TORONTO, September 29, 2022 (GLOBE NEWSWIRE) — FirstService Corporation (TSX: FSV; NASDAQ: FSV) (“First service) today announced that existing lender NYL Investors LLC (“New York Life”), a direct private debt and structured equity investment affiliate of PGIM, Inc. (“Prudential”), will invest up to US$150 million. There are PGIM Private Capital, each with up to US$300 million, existing notes they hold. The term of each facility will be his three years ending on September 29, 2025. Subject to acceptance by New York Life or Prudential, FirstService may issue incremental note tranches under the Facility using coupon prices at various maturities determined by FirstService. Determined at the time of note publication.

As part of the closure of the New York Life facility, FirstService has issued a US$60 million 4.53% bond due September 29, 2032 to New York Life on a private placement basis. Combined with his 3.84% bond of US$90 million unpaid to date, due January 16, 2025, New York Life and Prudential hold equal amounts. Proceeds from the notes issued will be used for working capital and general corporate purposes, to fund future Tuckunder acquisitions, and to potentially repay outstanding amounts under FirstService’s revolving bank credit facility. intended to be The agreements and restrictions under the Facility are substantially equivalent to those contained in FirstService’s Revolving Bank Credit Facility.

“We are grateful for the longstanding relationship and support of Prudential and New York Life. Both Prudential and New York Life have been participating as lenders in our capital structure for many years. It offers the potential for increased liquidity, financial flexibility and streamlined processes to leverage multiple tranches of period notes,” said Jeremy Rakshin, Chief Financial Officer. . “These arrangements and the simultaneous issuance of the US$60 million 10-year note will further optimize our fixed and variable debt mix, strengthen our balance of short- and long-term debt funding obligations, and improve our overall debt capacity and balance sheet. It will support our future growth,” he concluded.

About First Service Co., Ltd.
FirstService Corporation is the North American leader in property services, serving customers through two industry-leading service platforms. First Service Residential, manager of the largest residential community in North America.When First Service brandis one of North America’s largest providers of essential real estate services offered through an individually branded franchise system and company-owned operations.

FirstService has annual revenues of over US$3.4 billion and approximately 25,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of delivering value and superior returns to shareholders. FirstService’s common stock trades on the NASDAQ and Toronto Stock Exchanges under the symbol “FSV” and is included in the S&P/TSX 60 Index. For the latest news from FirstService Corporation, visit www.firstservice.com.

Forward-Looking Statements
This press release contains or may contain forward-looking statements. Much of this information can be identified by words such as “expects,” “expects,” “will,” “estimated,” or similar expressions that imply future results or events. While FirstService believes that the expectations reflected in such forward-looking statements are reasonable, there is no assurance that these expectations will prove correct and such forward-looking statements are not warranted. should not be overly relied upon. These statements involve known and unknown risks, uncertainties and other factors and may cause actual results to differ from the future results, performance or achievements envisioned in the forward-looking statements. can vary greatly. Such factors include: (ii) FirstService’s ability to execute its business strategy; This includes FirstService’s ability to secure suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with existing businesses. (iii) changing or failing to comply with government regulations; (iv) other factors listed under the heading “Risk Factors” on FirstService’s Annual Information Form for the year ended December 31, 2021 (a copy is available at www.sedar.com); and Form 40 Annual Report-F filed with the U.S. Securities and Exchange Commission (a copy of which is available at www.sec.gov) and subsequent filings (elements adopted herein). Forward-looking statements contained in this press release speak only as of the date hereof and are subject to change. All forward-looking statements contained in this press release are qualified by these cautionary statements. Unless otherwise required by applicable securities laws, we do not intend to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events, results, circumstances or otherwise. We shall have no obligation to do so.

Company Contact:

D. Scott Patterson
Chief executive officer
(416) 960-9566

Jeremy Rakshin
CFO
(416) 960-9566

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