FirstService Corp., the parent company for Paul Davis Restoration and First Onsite, has entered into two new revolving, uncommitted financing facilities. The facilities aggregate to $450 million.
Of that amount, $150 million is with New York Life and $300 million is with PGIM Private Capital, the direct private debt and structured equity investment affiliate of Prudential. Each facility has a three-year term.
As part of the closing of the New York Life facility, FirstService issued a $60 million note of 4.53% on a private placement basis to the insurer. The note becomes due September 29, 2032.“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,” said Jeremy Rakusin, FirstService’s chief financial officer. “These arrangements and the simultaneous $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.”