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Bank of Montreal Arranges USD$139.2MM Revolving Credit Facility for Peerage Realty Partners

August 10, 2021, 07:00 AM
Filed Under: Real Estate

Peerage Realty Partners completed approximately C$175 million (USD$139.2 million), three-year revolving credit facilities.

The revolving credit facilities also provide access to additional financing of approximately C$75 million on an uncommitted basis through an accordion provision under the same terms, bringing the total financing capacity of the facilities to approximately C$250 million.

The Lead Arranger, Sole Bookrunner, and Administrative Agent for the financing was Bank of Montreal. The syndicate of banks includes incumbent Bank of Montreal, as well as new participants, J.P. Morgan Chase Bank, N.A., Toronto Branch, Canadian Imperial Bank of Commerce, and HSBC Bank Canada. Echelon Capital Markets acted as exclusive financial advisor to Peerage Realty in the arrangement of the credit facility.

"Our ability to complete a new and expanded credit facility is a significant vote of confidence by our lending syndicate. The new, three-year commitment provides us with a substantial increase in our expansion capital to further our acquisition growth plans for the future," said Gavin Swartzman, President and CEO of Peerage Realty.

He added: "The new facility is a further recognition of our strategy and our 14-year track record of success. We look forward to expanding our relationships with our bank syndicate partners in the years ahead."

"The new partnership will bolster our strategic and highly disciplined growth and acquisition plans," said Trevor Maunder, President and CEO of Peerage Capital, parent company of Peerage Realty. "The combination of this financing coupled with our strong organic growth and free cash flow will enable us to capitalize on the unique opportunity in the marketplace. Our ambition is to build one of the premier luxury residential real estate service firms in North America."

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