Non-brokered private offering sells 1 million units at C$6.00 each
By Devika Patel
Knoxville, Tenn., Aug. 3 – Firm Capital Property Trust said it raised C$6.3 million in the first tranche of a non-brokered private placement of units and increased the deal to C$10.2 million. The deal priced for up to C$6 million on July 12.
The trust will now sell 1.7 million units at C$6.00 apiece, which is a 0.83% discount to the closing unit price of C$6.05 on July 11.
Proceeds will be used to repay all or a portion of the trust’s credit facility, to strengthen its balance sheet and to fund future acquisitions.
Toronto-based Firm Capital, through its mortgage banker Firm Capital Corp., is a non-bank lender providing residential and commercial finance.
| Issuer: | Firm Capital Property Trust
|
| Issue: | Trust units
|
| Amount: | C$10.2 million
|
| Units: | 1.7 million
|
| Price: | C$6.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | July 12
|
| Upsized: | Aug. 3
|
| Settlement date: | Aug. 3 (for $6.3 million)
|
| Unit symbol: | Toronto: FCD.UN
|
| Unit price: | C$6.05 at close July 11
|
| Market capitalization: | C$68.1 million
|
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