FirstService Refinances Senior Credit Facility With TD Bank

On June 29, 2001, FirstService Corporation, which provides a variety of property and business services to commercial and residential customers throughout Canada and the US, concurrently closed the refinancing of a US $140 million Senior Credit Facility with The Toronto-Dominion Bank as collateral agent and Canadian administration agent and completed a US$100 million private placement of 10-year senior secured notes issued through its US subsidiary, FirstService Delaware, LP.

FirstService was represented by a team from Fogler, Rubinoff LLP including David Oliver, Barry Fillimore, Lisa Ford, Lori Axelrod, Karen Rosen and Darren Griffith. Christopher Cummings, Richard Crofts, Jennifer Mazin and Leslie McCallum of Shearman & Sterling (New York) acted as US counsel for FirstService Corporation with respect to the private placement, and additional legal counsel was provided to FirstService Corporation by Santino Ferrante of Ferrante & Associates in Cambridge, Mass. with respect to US security matters. The Toronto-Dominion Bank and senior credit facility lenders were represented by Merie-Anne Beavis and David Amato of Meighen Demers LLP (soon to be merged with Ogilvy Renault). The private placement investors were represented by David Stagliano, Andrew Herr and Jessica Golden at Milbank, Tweed, Hadley & McCloy LLP in the United States, and by Chris Bardsley, Melissa Catalano and Hilda Wong of Smith Lyons in Canada. Pierre Tellus acted as internal counsel for CIBC Mellon, collateral agent for the private placement investors.