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Timbercreek to redeem all outstanding 5.4% convertible debentures
By Taylor Fox
New York, Sept. 21 – Timbercreek Financial Corp. issued a notice of redemption to holders of its 5.4% convertible unsecured subordinated debentures due July 31, 2021, according to a news release.
Timbercreek will redeem in full all of the outstanding debentures on Oct. 22.
The debentures will be redeemed at par plus interest of C$12.2459 per C$1,000 principal amount.
As of Sept. 17, C$45.8 million of the debentures were outstanding.
Timbercreek intends to draw from its credit facility to fund the redemption.
The debentures are listed for trading on the Toronto Stock Exchange under the symbol “TF.DB.A” and may be converted in accordance with their terms into common shares of the company until the close of business on Oct. 21.
Timbercreek is a Toronto-based mortgage investment company.
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