By Abigail W. Adams
Portland, Me., Sept. 9 – Firm Capital Mortgage Investment Corp. priced C$46 million of 5% convertible debentures due 2028 on Sept. 3, according to a company news release.
The amount includes C$6 million from a fully exercised greenshoe.
TD Securities Inc., National Bank Financial Inc. and CIBC Capital Markets, and including Scotiabank, Canaccord Genuity Corp., RBC Capital Markets, Desjardins Securities Inc., Echelon Wealth Partners Inc., iA Private Wealth Inc. and Raymond James Ltd. were underwriters for the bought deal.
The debentures are non-callable until Sept. 30, 2024 and then subject to a 125% hurdle. They become freely callable on or after Sept. 30, 2026.
Proceeds will be used for debt repayment, new investments and general corporate purposes.
Firm Capital is a Toronto-based non-bank real estate and commercial lender.
| Issuer: | Firm Capital Mortgage Investment Corp.
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| Securities: | Convertible unsecured subordinated debentures
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| Amount: | C$46 million, including C$6 million fully exercised greenshoe
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| Maturity: | Sept. 30, 2028
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| Bookrunners: | TD Securities Inc., National Bank Financial Inc. and CIBC Capital Markets, and including Scotiabank, Canaccord Genuity Corp., RBC Capital Markets, Desjardins Securities Inc., Echelon Wealth Partners Inc., iA Private Wealth Inc. and Raymond James Ltd.
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| Coupon: | 5%
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| Conversion price: | C$17.75
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| Call options: | Non-callable until Sept. 30, 2024. Callable subject to a 125% hurdle until Sept. 30, 2026 and then freely callable
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| Pricing date: | Sept. 3
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| Stock symbol: | TSX: FC
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| Market capitalization: | C$472.95 million
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