FirstService completes $275 million revolving credit facility



    More than doubles current financing capacity to fund future growth
    initiatives

    TORONTO, Sept. 10 /CNW/ - FirstService Corporation (NASDAQ:   FSRV; TSX:
FSV and FSV.PR.U) today announced that it has successfully completed an
amended and restated credit facility, increasing the amount to US$225 million
from the current amount of US$110 million. The new facility, also increases
the term to 5 years from 3 years and includes an "accordion feature" providing
an additional US$50 million in financing under the same terms if required,
bringing the total financing capacity of the facility to US$275 million.
    The lead arranger for the financing, which was oversubscribed, was TD
Securities. The syndicate of banks includes incumbents, The Toronto-Dominion
Bank, The Bank of Nova Scotia, Royal Bank of Canada, JP Morgan Chase Bank,
HSBC Bank, as well as new participants United Overseas Bank, Bank of America,
and Bank of Montreal.
    "Our ability to complete a significantly larger credit facility, for a
longer term, and under more favorable terms and conditions, notwithstanding
the challenging capital market conditions, represents a major vote of
confidence in FirstService by our lending syndicate. It also provides us with
a lower cost of capital and a long-term and committed source of financing to
support our future growth initiatives", said John Friedrichsen, Senior Vice
President & CFO. "We look forward to continuing to work with our current
lending partners and welcome the new participants to our company".
    "The significant increase in our credit facility will support our
ambitious, but disciplined growth plans for the foreseeable future," said Jay
Hennick, Founder and Chief Executive Officer of FirstService. "The combination
of strong management teams, a winning partnership model, leading positions in
several property service lines and markets, and stable sources of financing,
will continue to deliver significant value to the shareholders of FirstService
in the future as we execute our growth strategy across North America and other
key global markets".

    About FirstService Corporation
    -------------------------------
    FirstService is a leader in the rapidly growing property services sector,
providing services in the following four areas: commercial real estate;
residential property management; integrated security and property improvement
services. Industry-leading service platforms include: Colliers International,
the third largest global player in commercial real estate; FirstManagement
Partners, the largest manager of residential properties in North America;
FirstService Security, the fifth largest integrated security company in North
America; and The Franchise Company, the second largest franchisor of
residential and commercial property services in North America.
    FirstService is a diversified property services company with more than
US$1.6 billion in annualized revenues and more than 16,000 employees
worldwide. More information about FirstService is available at
www.firstservice.com.

    FORWARD-LOOKING STATEMENTS

    Certain statements included in this release constitute "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of FirstService, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business conditions, which
will, among other things, impact demand for the FirstService's services,
service industry conditions and capacity; the ability of FirstService to
implement its business strategy, including FirstService's ability to acquire
suitable acquisition candidates on acceptable terms and successfully integrate
newly acquired businesses with its existing businesses; changes in or the
failure to comply with government regulations (especially safety and
environmental laws and regulations); and other factors which are described in
FirstService's filings with the U.S. Securities and Exchange Commission and
the Canadian regulatory authorities.





For further information:

For further information: Jay S. Hennick, Founder & CEO, (416) 960-9500;
John B. Friedrichsen, Senior Vice President and CFO, (416) 960-9500

Organization Profile

FIRSTSERVICE CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890