By Abigail W. Adams
Portland, Me., June 22 – Timbercreek Financial Corp. increased the issue size of its 5.25% convertible debentures due 2028 to C$50 million from C$45 million due to strong demand, according to a company news release.
However, the greenshoe was decreased to C$5 million from C$6.75 million.
National Bank Financial Inc. and TD Securities Inc. led the syndicate of underwriters of the bought deal.
The debentures are non-callable until July 31, 2024 and then subject to a 125% hurdle.
Proceeds will be used to repay the outstanding amounts under its secured revolving credit facility and draw on the facility to redeem its 5.45% convertible debentures due 2022.
Concurrently with the new offering, the company called the C$46 million of principal outstanding of its 5.45% convertible debentures.
Timbercreek is a Toronto-based commercial real estate lender.
Issuer: | Timbercreek Financial Corp.
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Securities: | Convertible unsecured subordinated debentures
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Amount: | C$50 million
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Greenshoe: | C$5 million
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Maturity: | July 31, 2028
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Bookrunners: | National Bank Financial Inc. and TD Securities Inc.
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Coupon: | 5.25%
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Price: | Par
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Yield: | 5.25%
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Conversion price: | C$11.40
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Call options: | Non-callable until July 31, 2024 and then subject to a 125% hurdle
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Pricing date: | June 22
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Settlement date: | July 8
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Distribution: | Off-shelf in Canada
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Stock symbol: | TSX: TF
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Stock price: | C$9.50 at market close June 22
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Market capitalization: | C$769.72 million
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