Timbercreek Financial Secures $510 Million Revolving Credit Facility

TORONTO, Feb. 08, 2024 (GLOBE NEWSWIRE) — Timbercreek Financial Corp. (TSX: TF) (“Timbercreek Financial” or the “Company”) is pleased to announce that on February 8, 2024, the Company entered into a third amended and restated credit agreement (the “New Credit Agreement”) with a syndicate of 9 lenders for revolving credit facilities in an aggregate amount of $510 million (which includes a $20 million swingline facility).

Under the New Credit Agreement, Timbercreek Financial is permitted to borrow up to $510 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 $100 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 February 8, 2026. 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 net mortgage investments or future acquisitions. The $100 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.

Disclaimers

This news release may contain “forward looking statements” within the meaning of that phrase under Canadian securities laws, including, but not limited to, the proposed use of proceeds from the credit facilities under the New Credit Agreement. When used in this news release, the words “may”, “would”, “should”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “objective” and similar expressions may be used to identify forward looking statements. By their nature, forward looking statements reflect the Company’s current views, beliefs, assumptions and intentions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, those 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.

CONTACT:
Timbercreek Financial
Blair Tamblyn
Chief Executive Officer
[email protected]
www.timbercreekfinancial.com


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