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Brookfield Real Estate Services increases debt facilities to C$80M

Brookfield Real Estate Services Inc., which provides services to residential real estate brokers, increased the maximum borrowings under its debt facilities to C$80 million, from C$78 million, and extended the maturity date, among other amendments.

The amendments are effective from Jan. 1, 2019.

The facilities now mature Dec. 31, 2023. The EBITDA to interest coverage ratio was reduced to 3x, from 5x. The company's permitted level of borrowing was also increased to 4x EBITDA, from 2.5x EBITDA, and it is required to make limited principal repayments under the facilities when borrowings exceed 3.4x EBITDA.

The debt facilities were arranged with the Canadian Imperial Bank of Commerce.