FirstService completes US$200 million bought deal public offering of common shares

On December 13, 2019, FirstService Corporation ("FirstService") reported the closing its previously announced bought deal public offering of a total of 2,165,000 common shares, at a price of US$92.50 per share, for gross proceeds of US$200,262,500 with a syndicate of underwriters led by BMO Capital Markets and TD Securities Inc., and including Scotiabank, CIBC Capital Markets, Raymond James Ltd., HSBC Securities (Canada) Inc., J.P. Morgan Securities Canada Inc., RBC Capital Markets and National Bank Financial Inc.

FirstService has also granted the underwriters an over-allotment option to purchase up to an additional 324,750 common shares at US$92.50 per share, exercisable in whole or in part at any time for a period of up to 30 days following closing of the offering, to cover over-allotments. If the over-allotment option is exercised in full, the gross proceeds of the offering will total US$230,301,875.

FirstService intends to use the net proceeds of the offering to repay existing indebtedness under its revolving credit facility, which will then be available to be drawn, as required, for working capital, acquisitions and associated contingent purchase consideration, and general corporate purposes.

Further information can be found on Globe Newswire's website.

FirstService Corporation is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: FirstService Residential – North America's largest manager of residential communities; and FirstService Brands – one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.