TORONTO, ON–(Marketwired – January 09, 2018) – Timbercreek Financial Corp. (TSX: TF) (“Timbercreek Financial” or the “Company“) is pleased to announce that on December 21, 2017, the Company entered into a second amended and restated credit agreement (the “New Credit Agreement“) with a syndicate of 10 lenders for revolving credit facilities in an aggregate amount of 0 million (which includes a million swingline facility).
Under the New Credit Agreement, Timbercreek Financial is permitted to borrow up to 0 million on a revolving basis, subject to its borrowing base as set out in the New Credit Agreement. The commitments of the lenders under the revolving credit facility may be increased by 0 million by way of an accordion feature, subject to satisfaction of certain conditions set forth in the New Credit Agreement. The term of the New Credit Agreement is two years, maturing on December 20, 2019. The Toronto-Dominion Bank will continue to act as sole lead arranger, sole book-runner and administration agent under the New Credit Agreement.
Proceeds from the revolving credit facilities under the New Credit Agreement will be used for general corporate purposes and may be utilized to fund mortgage investments or future acquisitions. The 0 million accordion feature is expected to provide Timbercreek Financial with additional flexibility to access funding in the future for other corporate activities without the carrying cost of paying standby commitment fees.
About Timbercreek Financial
Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors.
This news release contains forward-looking statements about Timbercreek Financial. Forward-looking statements are typically identified by words such as “expect”, “is scheduled”, “anticipate”, “believe”, “foresee”, “could”, “intend”, “plan”, “seek”, “strive”, “will”, “may”, “potential” and “should” and similar expressions concerning matters that are not historical facts. By their nature, forward looking statements reflect the current views, beliefs, assumptions and intentions of the Company and its manager and are subject to certain risks and uncertainties, known and unknown, including, without limitation, risks disclosed in the Company’s public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The Company does not intend to nor assumes any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
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President & CEO