Timbercreek Financial signs new credit agreement for up to USD400m.
Global Banking News-January 10, 2018--Timbercreek Financial signs new credit agreement for up to USD400m
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Global Banking News - 10 January 2018
Timbercreek Financial Corp. (TSX: TF) has said that it has entered into a second amended and restated credit agreement with a syndicate of 10 lenders for revolving credit facilities worth USD400m.
As per the new credit agreement, Timbercreek Financial will be allowed to borrow up to USD400m on a revolving basis, subject to its borrowing base as laid down in the agreement. Subject to satisfaction of certain conditions in the new credit agreement, the commitments of the lenders under the revolving credit facility may be increased by USD100m through an accordion feature.
The new agreement will have a term of two years and will mature on December 20, 2019. The Toronto-Dominion Bank (NYSE: TD) (TSX: TD) 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 will be used for general corporate purposes and may be utilised to fund mortgage investments or future acquisitions.
A non-bank, commercial real estate lender, Timbercreek Financial provides short-duration, structured financing solutions to commercial real estate investors.
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|Publication:||Global Banking News (GBN)|
|Date:||Jan 10, 2018|
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