Timbercreek greenshoe lifts 5% convertibles to C$46 million

By Rebecca Melvin

Concord, N.H., Dec. 10 – Underwriters for Timbercreek Financial Corp.’s 5% convertible subordinated debentures due 2028 exercised their C$6 million greenshoe, lifting the total deal size to C$46 million, according to a company press release.

The company priced C$40 million of the convertibles on Dec. 3.

National Bank Financial Inc., TD Securities Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., Canaccord Genuity Corp., Raymond James Ltd., BMO Nesbitt Burns Inc., Scotia Capital Inc., iA Private Wealth Inc., Manulife Securities Inc. and Stifel Nicolaus Canada Inc. are underwriters for the bought deal.

Net proceeds will be used to repay amounts under its secured revolving credit facility and for general corporate purposes.

Timbercreek Financial is a Toronto-based commercial real estate lender.

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