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FirstService closes US$200M bought-deal common stock offering

FirstService Corp. completed a bought-deal offering of 2,165,000 shares of its common stock, raising gross proceeds of about US$200.3 million in the process.

The Canadian single-family firm issued the shares at US$92.50 apiece.

FirstService granted the underwriters a 30-day over-allotment option to purchase up to an additional 324,750 shares at the same price, which if exercised in full will bring the gross proceeds to US$230.3 million.

Net proceeds of the offering will be used to clear existing debt under the company's revolver, which will then be available for use.

BMO Capital Markets and TD Securities Inc. led the syndicate of underwriters for the offering.