First National to use note proceeds to partially repay loan

Chicago, Nov. 25 – First National Financial Corp. plans to use proceeds from an offering of C$200 million of notes to indirectly repay a credit facility, according to a notice.

The proceeds will be invested in First National Finance LP, which in turn will repay a portion of the amount drawn on its bank credit facility.

On April 9, 2020, First National Finance will draw on the bank credit facility to repay the company’s maturing C$175 million 4.01% unsecured notes.

Toronto-based First National Financial is the parent company of mortgage lender First National Financial LP.

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