FirstService Corporation Completes US$200 Million Bought Deal Public Offering of Common Shares
December 13 2019 - 7:30AM
FirstService Corporation (TSX: FSV; NASDAQ: FSV) (“FirstService”)
is pleased to report that it has closed its previously announced
bought deal public offering of a total of 2,165,000 common shares
(the “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.
The Common Shares are offered by way of a short
form prospectus filed in all of the provinces of Canada, excluding
Quebec, and are offered in the United States pursuant to a
registration statement on Form F-10 filed under the Canada/U.S.
multijurisdictional disclosure system, and on a private placement
basis in certain jurisdictions outside Canada and the United States
pursuant to applicable prospectus exemptions.
No securities regulatory authority has either
approved or disapproved of the contents of this news release. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
the Common Shares in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that jurisdiction.
About FirstService
Corporation
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.
FirstService generates more than US$2 billion in
annual revenues and has approximately 22,000 employees across North
America. The Common Shares of FirstService trade on the NASDAQ
under the symbol “FSV” and on the Toronto Stock Exchange under the
symbol “FSV”.
Forward-Looking Statements
This news release contains forward-looking
information and forward-looking statements within the meaning of
applicable Canadian and U.S. securities laws. Much of this
information can be identified by words such as “expect to,”
“expected,” “will,” “estimated” or similar expressions suggesting
future outcomes or events, and includes the expected use of net
proceeds of the offering. FirstService believes the expectations
reflected in such forward-looking information and statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking information and
statements should not be unduly relied upon.
Forward-looking information and statements are
based on current information and expectations that involve a number
of risks and uncertainties, which could cause actual results or
events to differ materially from those anticipated. These risks
include, but are not limited to, risks related to FirstService’s
business, including those identified in FirstService’s annual
information form for the year ended December 31, 2018 under the
heading “Risk factors” (a copy of which may be obtained at
www.sedar.com or as part of FirstService’s Form 40-F at
www.sec.gov). Forward-looking information and statements contained
in this news release are made as of the date hereof and are subject
to change. All forward-looking information and statements in this
news release are qualified by these cautionary statements. Except
as required by applicable law, FirstService undertakes no
obligation to update any forward-looking information and statement,
whether as a result of new information, future events or
otherwise.
A written prospectus relating to the offering
may be obtained upon request in Canada by contacting BMO Capital
Markets, Brampton Distribution Centre c/o The Data Group of
Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by
telephone at (905) 791-3151 Ext. 4312 or by email at
torbramwarehouse@datagroup.ca, or by contacting TD Securities Inc.,
Attention: Symcor, NPM, 1625 Tech Avenue, Mississauga, Ontario, L4W
5P5 by telephone at (289) 360-2009 or by email at
sdcconfirms@td.com, and in the United States by contacting BMO
Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times
Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or
by telephone at (800) 414-3627 or by email at
bmoprospectus@bmo.com, or by contacting TD Securities (USA) LLC, 31
W 52nd Street, New York, NY, 10019 by telephone at (212)
827-7392.
COMPANY
CONTACTS:
D. Scott
PattersonPresident & Chief Executive
Officer
Jeremy RakusinChief
Financial Officer(416) 960-9500
FirstService (NASDAQ:FSV)
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