| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Atrium Mortgage Investment Corp. > News item |
Canada's Atrium Mortgage Investment launches overnight offering of seven-year convertibles
By Rebecca Melvin
New York, June 3 - Atrium Mortgage Investment Corp. launched Monday an overnight offering of seven-year convertible debentures under a preliminary short-form prospectus in Canadian provinces except Quebec, according to a syndicate source.
The Regulation S deal was being sold via a syndicate of underwriters led by bookrunner TD Securities Inc. and co-led by CIBC and RBC Capital Markets, and including BMO Capital Markets, National Bank Financial Inc., Scotiabank, Dundee Securities Ltd., Canaccord Genuity Corp., Industrial Alliance Securities Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd., Mackie Research Capital Corporation and M Partners Inc.
The underwriters were "building the book" at Prospect News' deadline and terms and deal size were not yet determined, a syndicate source said.
Proceeds will be used for general corporate purposes and to repay existing debt under its revolving operating credit facility, which will then be available to be drawn, as required, for general corporate purposes, particularly funding future mortgage loan opportunities.
The offering was expected to close by June 18.
The debentures are non-callable until June 30, 2016 and then are provisionally callable until June 30, 2018, if shares rise to 125% of the conversion price. They mature June 30, 2020.
Atrium also announced that it amended its revolving operating credit facility, which has a maximum availability of C$50 million, to allow for an increase in maximum availability to C$75 million by way of a bulge facility during the period commencing on June 3and ending after six weeks. It may be extended for a further six weeks at Atrium's option. The revolving operating credit facility matures on Aug. 31.
Toronto-based Atrium is a non-bank lender.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.