FOR: FIRSTSERVICE CORPORATION
Jay S. Hennick
D. Scott Patterson
FOR IMMEDIATE RELEASE
FIRSTSERVICE DOUBLES CREDIT FACILITY TO $200 MILLION
TORONTO, Ontario (June 2, 1998) -- FirstService Corporation today announced that it has amended and restated its lending agreement to increase credit availability from $100 million to $200 million, providing additional financial resources to fund potential acquisitions.
The new credit facilities were underwritten
by the Company`s existing syndicate of banks:
Terms of the facilities incorporate a more favourable interest rate and amortization structure as compared to those of the original debt facilities arranged in December, 1996. This should contribute to a lower cost of capital and greater availability of cash flow to fund the Company`s growth initiatives.
FirstService Corporation is a leader in
the rapidly growing service sector, providing a variety of specialized
Property and Business Services to corporate, government, and residential
customers throughout North America.