Firm Capital greenshoe lifts 5.5% convertibles total to C$23 million

By Wendy Van Sickle

Columbus, Ohio, Dec. 30 – Firm Capital Mortgage Investment Corp. said the underwriters for its offering of 5.5% convertible unsecured subordinated debentures due Dec. 31, 2022 exercised the deal’s C$3 million greenshoe, lifting total proceeds of the offering to C$23 million.

The issuer previously priced C$20 million of the convertibles at par with an initial conversion premium of 14%.

The offering was underwritten by a syndicate of underwriters led by TD Securities Inc. and including National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., CIBC World Markets Inc., Dundee Securities Ltd., GMP Securities LP and Desjardins Securities Inc.

The debentures are listed and posted for trading on the Toronto Stock Exchange under the symbol FC.DB.F.

Proceeds will be used to repay some debt, to fund new investments and for general corporate purposes.

Toronto-based Firm Capital, through its mortgage banker Firm Capital Corp., is a non-bank lender providing residential and commercial finance.

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