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Brookfield Real Estate Services Inc. Announces Amended Finance Arrangements
Brookfield Real Estate Services Inc. Announces Amended Finance Arrangements Canada...
About this update from Bridgemarq Real Estate Services, Inc.
[{"type":"text","content":"\n\n\n\nBrookfield Real Estate Services Inc. Announces Amended Finance Arrangements\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnvat{\nVERTICAL-ALIGN: TOP\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 14, 2018\n\n\n\nTORONTO, Dec. 14, 2018 /CNW/ - Brookfield Real Estate Services Inc. (TSX: BRE) (the \"Company\"), a leading provider of services to residential real estate brokers and their REALTORS®1 today announced it has completed its amended finance arrangements with the Canadian Imperial Bank of Commerce, as originally announced on November 7, 2018.  The amended and restated arrangements are effective from January 1, 2019. \nThe main amendments to the Debt Facilities include:\nAn extension of the committed Debt Facilities to December 31, 2023. An increase in the maximum borrowings under the Debt Facilities from $78 million to $80 million. A reduction in the required EBITDA (as defined in the Debt Facilities agreement) to interest coverage ratio from 5.0 times to 3.0 times. An increase in the permitted level of borrowings from 2.5 times EBITDA to 4.0 times. The obligation to make limited principal repayments under the Debt Facilities in circumstances where borrowings exceed 3.4 times EBITDA.There are no significant changes to the security arrangements or interest arrangements associated with the Debt Facilities as a result of these amendments.\nFORWARD-LOOKING STATEMENTS \nThis news release contains forward-looking information and other \"forward-looking statements\". Words and other expressions that are predictions of or could indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements beca...