By Rebecca Melvin
New York, March 26 – Firm Capital Mortgage Investment Trust priced C$25 million of seven-year convertible unsecured subordinated debentures on Thursday on a bought-deal basis at par to yield 5.3% with an initial conversion premium of 15%, according to a news release.
The deal was made via a syndicate of underwriters led by TD Securities Inc. There is a C$3.75 million over-allotment option.
Each debenture is convertible into common shares at a price of C$13.95 per share.
The offering is set to close April 17, subject to regulatory approval.
Proceeds will be used to repay bank debt, to fund investments and for general corporate purposes.
Toronto-based Firm Capital 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$25 million
|
| Greenshoe: | C$3.75 million
|
| Maturity: | May 31, 2022
|
| Bookrunner: | Syndicate led by TD Securities Inc.
|
| Coupon: | 5.3%
|
| Price: | Par
|
| Yield: | 5.3%
|
| Conversion premium: | 15%
|
| Conversion price: | C$13.95
|
| Pricing date: | March 26
|
| Settlement date: | April 17
|
| Stock symbol: | Toronto: FC
|
| Stock reference price: | C$12.15 at close March 26
|
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