Company also sells 11.5 million class A shares at C$10.00 per share
By Devika Patel
Knoxville, Tenn., Jan. 19 - Timbercreek Senior Mortgage Investment Corp. said it settled a C$37.2 million non-brokered private placement of subscription receipts. The deal was conducted alongside the company's initial public offering of stock, which raised C$115 million.
In the receipts placement, the company sold 3.72 million subscription receipts at C$10.00 apiece, a 4.67% discount to the Jan. 18 closing share price of C$10.49.
Investors will receive 1.0525 class A shares for each subscription receipt held.
The stock sale consists of 11.5 million class A shares sold at C$10.00 per share through a syndicate of agents co-led by Raymond James Ltd., BMO Nesbitt Burns Inc. and TD Securities Inc. and including CIBC World Markets Inc., GMP Securities LP, RBC Dominion Securities Inc., Manulife Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd. and National Bank Financial Inc.
Proceeds will be used to acquire and manage a diversified portfolio of first mortgages with customized terms that are secured by residential real estate, as well as office, retail and industrial properties.
The investment fund is based in Toronto.
| Issuer: | Timbercreek Senior Mortgage Investment Corp.
|
| Issue: | Subscription receipts
|
| Amount: | C$37.2 million
|
| Receipts: | 3.72 million
|
| Price: | C$10.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Jan. 19
|
| Stock symbol: | Toronto: TMC
|
| Stock price: | C$10.49 at close Jan. 18
|
| Market capitalization: | C$319.42 million
|
© 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.
