By Mary-Katherine Stinson
Lexington, Ky., July 14 – CHIP Mortgage Trust closed on its sale of C$175 million of 6.069% senior medium-term notes due Nov. 14, 2028 (DBRS: AAA), according to a company news release.
TD Securities and Scotiabank were the lead managers for the deal.
CHIP will use the proceeds to refinance outstanding debt, fund mortgages originated by HomeEquity Bank and fund ongoing operations.
The company is a Toronto-based subsidiary of HomeEquity Bank, which provides reverse mortgages.
| Issuer: | CHIP Mortgage Trust
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| Amount: | C$175 million
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| Maturity: | Nov. 14, 2028
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| Securities: | Senior medium-term notes
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| Bookrunners: | TD Securities and Scotiabank
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| Co-managers: | BMO Capital Markets, CIBC World Markets, National Bank Financial Markets and RBC Capital Markets
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| Coupon: | 6.069%
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| Rating: | DBRS: AAA
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| Distribution: | Canada
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