Timbercreek plans private placement of subscription receipts

Company also plans to sell C$130 million of stock in public offering

By Angela McDaniels

Tacoma, Wash., June 27 - Timbercreek Senior Mortgage Investment Corp. plans to offer subscription receipts in a private placement. The receipts will be represent the right to receive 3,356,919 class A shares of the company.

The price is C$10 per subscription receipt. Holders will receive 1.0402 class A shares per receipt, according to a company news release.

The company plans to offer the subscription receipts concurrently with a public offering of up to 13 million class A shares at a price of C$10 each for proceeds of up to C$130 million.

The company's stock closed at C$10 (Toronto: MTG) on Wednesday.

The public offering is expected to close on July 4. The syndicate of agents is co-led by Raymond James Ltd., TD Securities Inc. and CIBC and including BMO Nesbitt Burns Inc., GMP Securities LP, RBC Dominion Securities Inc., National Bank Financial Inc., Scotiabank, Manulife Securities Inc., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd.

Proceeds will be used to acquire and manage a portfolio of first mortgages with customized terms that are secured by primarily residential real estate as well as office, retail and industrial properties located primarily in large urban markets.

The investment fund is based in Toronto.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.