Timbercreek increases credit facilities to $600-million

Executive Summary

• Timbercreek Financial Corp. has secured an upsized revolving credit facility totaling $600 million, increasing from its previous $510 million facility.
• The new agreement includes a $20 million swingline facility and a $100 million accordion feature for future expansion, maturing on August 7, 2027.
• Proceeds are designated for general corporate purposes, specifically targeting net mortgage investments and future acquisitions.

Key Details

• Total Facility Size: $600 million revolving credit facility.
• Previous Facility Size: $510 million.
• Swingline Facility: $20 million included within the total facility.
• Accordion Feature: $100 million available for future expansion, subject to certain conditions, allowing for additional flexibility without standby commitment fees.
• Term: Two years, maturing on August 7, 2027.
• Lenders: Syndicate of nine lenders.
• Administrative Agents: Toronto-Dominion Bank continues as sole lead arranger, sole book-runner, and administration agent.
• Use of Proceeds: General corporate purposes, including financing net mortgage investments or future acquisitions.
• Strategic Rationale: The upsizing reflects lender confidence in the company's financial position and strategic direction.

Notable Quotes

• "The upsized facility reflects the lenders' confidence in the company's financial position and strategic direction."