HomEquity arranges inaugural C$120 million revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Aug. 28 – HomEquity Bank said it has arranged an inaugural C$120 million senior revolving credit facility from a syndicate of five lenders led by CIBC as lead arranger, bookrunner and administrative agent.

The revolver is secured by a portfolio of reverse mortgages, according to a press release.

"We are very pleased with the positive response from our lending syndicate, which resulted in commitments at a level higher than we had targeted," Atul Chandra, executive vice president and chief financial officer of HomEquity, said in the news release.

"This additional source of stable funding further enhances the flexibility that HomEquity Bank has for continuing to fund its rapidly growing reverse mortgage business."

The bank is based in Toronto.

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