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TD Bank Arranges $510MM Revolving Credit Facility for Timbercreek Financial

February 09, 2024, 07:47 AM
Filed Under: Lender Finance

Timbercreek Financial announced that on February 8, 2024, the Company entered into a third amended and restated 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.

Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors.

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