By Wendy Van Sickle
Columbus, Ohio, Nov. 14 – Firm Capital Mortgage Investment Corp. priced C$25 million of convertible debentures due 2026 after the market close on Wednesday with a coupon of 5.5% and an initial conversion premium of 10%, according to a company news release.
TD Securities Inc., CIBC Capital Markets and Scotiabank were lead underwriters for the bought deal, which carries a greenshoe of C$3.75 million.
The convertible debentures will be distributed via a prospectus supplement in Canada and offered through private placements in the United States.
Gross proceeds are expected to be C$28.75 million if the greenshoe is exercised in full. Proceeds will be used to repay debt, to fund investments and for general corporate purposes.
Firm Capital is a Toronto-based non-bank lender providing real estate financing and residential and commercial short-term bridge loans.
| Issuer: | Firm Capital Mortgage Investment Corp.
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| Securities: | Convertible unsecured subordinated debentures
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| Amount: | C$25 million
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| Greenshoe: | C$3.75 million
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| Maturity: | Jan. 31, 2026
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| Bookrunners: | TD Securities Inc., CIBC Capital Markets and Scotiabank
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| Coupon: | 5.5%
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| Price: | Par
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| Conversion premium: | 10%
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| Conversion price: | C$14.60
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| Pricing date: | Nov. 14
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| Settlement date: | Nov. 23
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| Stock symbol: | TSX: FC
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| Stock price: | C$13.24
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| Market capitalization: | C$345.87 million
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