Bridgemarq extends maturity of credit facilities through December 31, 2026

TORONTO, March 31, 2023 /CNW/ – Bridgemarq Real Estate Services Inc. (“Bridgemarq” or the “Company”) (TSX: BRE) today announced an amendment to its debt facilities with the Canadian Imperial Bank of Commerce (the “Debt Facilities”). The significant changes to the Debt Facilities include:

• The maturity date of the Debt Facilities has been extended from December 31, 2023, to December 31, 2026, providing the Company certainty over its borrowings for at least three more years;
• The Company’s borrowing capacity has been increased from $80 million to $90 million through a $10 million increase in the Company’s revolving acquisition facility; and
• Effective January 1, 2024, interest rates charged to the Company will increase by 0.3%, from CDOR + 1.7% to CDOR + 2.0% for bankers’ acceptance-based borrowings, and prime rate + 0.5% to prime rate + 0.8% for prime rate borrowings.

There were no changes to the security provided by the Company under the debt facilities nor were there any changes in the financial covenants under the facility.

For a full description of the company’s Debt Facilities, see the Annual Information Form for the year ended December 31, 2022, or the Company’s Annual Report, which are available on the Company’s website at www.bridgemarq.com and on SEDAR at www.sedar.com.

This news release contains forward-looking information and other “forward-looking statements”. Words such as “at least”, “certainty”, “providing”, “to”, “will”, 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 because they involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those indicated in the forward-looking statements include: any changes in credit markets that affect the availability of credit or changes in interest rates, changes in the supply or demand of houses for sale in Canada or in any particular region within Canada, changes in the selling price for houses in Canada or any particular region within Canada, changes in the Company’s cash flow or profitability, changes in the Company’s strategy with respect to and/or ability to pay dividends, changes in the productivity of the Company’s REALTORS® or the commissions they charge their customers, changes in government policy, consumer response to any changes in the housing markets in Canada or any changes in government policy, laws or regulations, changes in general economic conditions (including interest rates, consumer confidence and other general economic factors or indicators), changes in global and regional economic growth, the level of residential real estate transactions, , other developments in the residential real estate brokerage industry or the Company that reduce the number of REALTORS® in the Company’s Network or revenue from the Company’s Network, changes in tax laws or regulations, and other risks detailed in the Company’s annual information form, which is filed with securities commissions and posted on SEDAR at www.sedar.com. Forward-looking information is based on various material factors or assumptions, which are based on information currently available to management. Material factors or assumptions that were applied in drawing conclusions or making estimates set out in the forward-looking statements include, but are not limited to: anticipated economic conditions, anticipated impact of government policies, anticipated financial performance, anticipated market conditions, business prospects, the successful execution of the Company’s business strategies and recent regulatory developments. The factors underlying current expectations are dynamic and subject to change. Although the forward-looking statements contained in this press release are based upon what management believes are reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Bridgemarq is a leading provider of services to residential real estate brokers and a network of approximately 21,000 REALTORS®.¹ We operate in Canada under the Royal LePage, Via Capitale and Johnston & Daniel brands. For more information, go to bridgemarq.com.

Bridgemarq is an affiliate of Brookfield Business Partners, a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges. Further information is available at bbu.brookfield.com.

SOURCE Bridgemarq Real Estate Services Inc.

View original content: http://www.newswire.ca/en/releases/archive/March2023/31/c7629.html