FirstService Increases Debt Funding Capacity and


TORONTO, Sept. 29, 2022 (GLOBE NEWSWIRE) — FirstService Corporation (TSX: FSV; NASDAQ: FSV) (“FirstService“) introduced right now that it has entered into two new revolving, uncommitted financing services (the “Facilities”) for potential future personal placement issuances of senior unsecured notes (“Notes”) aggregating US$450 million with its current lenders, NYL Investors LLC (“New York Life”) of as much as US$150 million and PGIM Private Capital, the direct personal debt and structured fairness funding affiliate of PGIM, Inc. (“Prudential”), of as much as US$300 million, in every case, internet of any current Notes held by them. The Facilities every have a three-year time period ending September 29, 2025. FirstService has the power to problem incremental Note tranches underneath the Facilities, topic to acceptance by New York Life or Prudential, with various maturities as decided by FirstService, and with coupon pricing decided on the time of every Note issuance.

As a part of the closing of the New York Life facility, FirstService issued, on a non-public placement foundation to New York Life, US$60 million of 4.53% Notes due September 29, 2032. Together with the beforehand excellent US$90 million of three.84% Notes due January 16, 2025, that are equally held by New York Life and Prudential, FirstService at present has US$150 million of issued and excellent Notes, leaving US$300 million of remaining capability underneath the Facilities this present day. The proceeds from any issued Notes are meant to be utilized for working capital and basic company functions and to fund future tuck-under acquisitions, in addition to potential reimbursement of quantities excellent underneath FirstService’s revolving financial institution credit score facility. Covenants and restrictions underneath the Facilities are substantively equal to these contained in FirstService’s revolving financial institution credit score facility.

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“We appreciate the long-standing relationships and support from Prudential and New York Life, who have both participated for many years as lenders within our capital structure. The Facilities provide us with the potential for incremental liquidity, financial flexibility and a streamlined process to tap into multiple tranches of Notes in varying amounts and tenors over the next three years,” stated Jeremy Rakusin, Chief Financial Officer. “These arrangements and the simultaneous US$60 million 10-year Note issuance have also further optimized our fixed and floating debt mix and enhanced the balance between our short and long debt funding obligations, thus reinforcing our debt capacity and overall strength of our balance sheet in support of our future growth,” he concluded.

About FirstService Corporation
FirstService Corporation is a North American chief within the property companies sector, serving its prospects by way of two industry-leading service platforms: FirstService Residential, North America’s largest supervisor of residential communities; and FirstService Brands, one in all North America’s largest suppliers of important property companies delivered by way of individually branded franchise programs and company-owned operations.

FirstService generates greater than US$3.4 billion in annual revenues and has roughly 25,000 staff throughout North America. With important insider possession and an skilled administration crew, FirstService has a long-term monitor report of making worth and superior returns for shareholders. The Common Shares of FirstService commerce on the NASDAQ and the Toronto Stock Exchange underneath the image “FSV”, and are included within the S&P/TSX 60 Index. For the most recent information from FirstService Corporation, go to

Forward-looking Statements
This press launch contains or might embody forward-looking statements. Much of this data may be recognized by phrases resembling “expect to,” “expected,” “will,” “estimated” or comparable expressions suggesting future outcomes or occasions. FirstService believes the expectations mirrored in such forward-looking statements are cheap however no assurance may be provided that these expectations will show to be appropriate and such forward-looking statements shouldn’t be unduly relied upon. These statements contain identified and unknown dangers, uncertainties and different elements which can trigger the precise outcomes to be materially completely different from any future outcomes, efficiency or achievements contemplated within the forward-looking statements. Such elements embody: (i) basic financial and business situations, which is able to, amongst different issues, impression demand for FirstService’s companies and the price of offering companies; (ii) the power of FirstService to implement its business technique, together with FirstService’s means to accumulate appropriate acquisition candidates on acceptable phrases and efficiently combine newly acquired companies with its current companies; (iii) adjustments in or the failure to adjust to authorities rules; and (iv) different elements that are described in FirstService’s annual data kind for the yr ended December 31, 2021 underneath the heading “Risk factors” (a duplicate of which can be obtained at and Annual Report on Form 40-F filed with the United States Securities and Exchange Commission (a duplicate of which can be obtained at, and subsequent filings (which elements are adopted herein). Forward-looking statements contained on this press launch are made as of the date hereof and are topic to vary. All forward-looking statements on this press launch are certified by these cautionary statements. Unless in any other case required by relevant securities legal guidelines, we don’t intend, nor will we undertake any obligation, to replace or revise any forward-looking statements contained on this press launch to replicate subsequent data, occasions, outcomes or circumstances or in any other case.

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D. Scott Patterson
Chief Executive Officer
(416) 960-9566

Jeremy Rakusin
Chief Financial Officer
(416) 960-9566

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