Timbercreek convertibles raised to C$45 million through greenshoe

New York, June 27 – Timbercreek Financial Corp.’s underwriters increased the size of the company’s offering of convertible subordinated debentures due June 30, 2024 to C$45 million through the partial exercise of C$5 million of the over-allotment option, according to a news release.

The company priced C$40 million of the securities on May 24 with a 5.3% coupon and a 22% initial conversion premium.

Included in the sale was a C$6 million greenshoe.

National Bank Financial Inc. and TD Securities Inc. were the bookrunners. Co-managers were RBC Dominion Securities Inc., CIBC World Markets Inc., Raymond James Ltd., BMO Nesbitt Burns Inc., Scotia Capital Inc., GMP Securities LP, Canaccord Genuity Corp., Industrial Alliance Securities Inc. and Manulife Securities Inc.

Proceeds will be used to repay amounts owed under a secured revolving credit facility. The company will then draw on that same facility to fund future mortgage loans.

Timbercreek is a Toronto-based mortgage investment company.

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