May 16 (Reuters) - Home Capital Group Inc HCG.TO :
* HOME CAPITAL RECEIVES COMMITMENTS FOR A $500 MILLION STANDBY SECURED FUNDING FACILITY
* SAYS CREDIT FACILITY WILL REPLACE A $2 BILLION CREDIT FACILITY PROVIDED BY A WHOLLY OWNED SUBSIDIARY OF BERKSHIRE HATHAWAY INC
* SAYS DOES NOT INTEND TO DRAW ON CREDIT FACILITY IN ORDINARY COURSE OF BUSINESS
* SAYS NEW CREDIT FACILITY IS EXPECTED TO CLOSE IMMEDIATELY AFTER MATURITY OF EXISTING CREDIT FACILITY
* SAYS OBTAINED LETTER OF COMMITMENT FOR A 2-YEAR, $500 MILLION STANDBY SECURED FUNDING FACILITY FROM TWO CANADIAN SCHEDULE 1 BANKS
* SAYS ANY DRAWS ON CREDIT FACILITY WILL BE SECURED AGAINST A PORTFOLIO OF MORTGAGES ORIGINATED BY HOME TRUST COMPANY
* SAYS UNIT OBTAINED A LETTER OF COMMITMENT FROM TWO CANADIAN SCHEDULE 1 BANKS