By Rebecca Melvin
New York, Aug. 4 - Firm Capital Mortgage Investment Trust priced C$22.5 million of 7.5-year convertible unsecured subordinated debentures on Thursday on a bought-deal basis at par to yield 5.4% with an initial conversion premium of 16%, according to a news release.
The deal was made via a syndicate of underwriters led by TD Securities Inc. There is a C$3.375 million over-allotment option.
Each debenture is convertible into common shares at a price of C$14.35 per share, or 69.6864 shares per C$1,000 debenture.
The offering is set to close Aug. 23, subject to regulatory approval.
Proceeds will be used for general corporate purposes.
Toronto-based Firm Capital, through its mortgage banker, Firm Capital Corp., is a non-bank lender providing residential and commercial short-term bridge and conventional real estate finance, including mezzanine and equity investments.
| Issuer: | Firm Capital Mortgage Investment Trust
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$22.5 million
|
| Greenshoe: | C$3.375 million
|
| Maturity: | Feb. 28, 2019
|
| Bookrunner: | Syndicate led by TD Securities Inc.
|
| Coupon: | 5.4%
|
| Price: | Par
|
| Yield: | 5.4%
|
| Conversion premium: | 16%
|
| Conversion price: | C$14.35
|
| Conversion ratio: | 69.6864
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 23
|
| Stock symbol: | Toronto: FC
|
| Stock reference price: | C$12.41 at close Aug. 3
|
| Market capitalization: | C$179.38 million
|
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