By Abigail W. Adams
Portland, Me., June 22 – Timbercreek Financial Corp. priced C$45 million in 5.25% convertible debentures due 2028, according to a company news release.
National Bank Financial Inc. and TD Securities Inc. led the syndicate of underwriters of the bought deal, which carries a greenshoe of C$6.75 million.
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.
|
| Securities: | Convertible unsecured subordinated debentures
|
| Amount: | C$45 million
|
| Greenshoe: | C$6.75 million
|
| Maturity: | July 31, 2028
|
| Bookrunners: | National Bank Financial Inc. and TD Securities Inc.
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Yield: | 5.25%
|
| Conversion price: | C$11.40
|
| Call options: | Non-callable until July 31, 2024 and then subject to a 125% hurdle
|
| Pricing date: | June 22
|
| Settlement date: | July 8
|
| Distribution: | Off-shelf in Canada
|
| Stock symbol: | TSX: TF
|
| Stock price: | C$9.50 at market close June 22
|
| Market capitalization: | C$769.72 million
|
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