- Firm Capital Mortgage Investment Corporation (FC) has agreed to sell $40,000,000 in convertible unsecured subordinated debentures to a syndicate of underwriters
- The corporation has granted the underwriters an over-allotment option to purchase up to $6,000,000 of additional debentures
- The debentures, due March 31, 2029, bear an interest rate of 5.00 per cent per annum
- The net proceeds of the offering will be used for debt repayment and for general corporate purposes
- The offering is expected to close on or about January 27, 2022
- Firm Capital is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing
- Firm Capital Mortgage Investment Corporation (FC) opened trading at C$14.65 per share
Firm Capital Mortgage Investment Corporation (FC) has announced a $40 million bought deal private placement.
The company has agreed to sell $40,000,000 in convertible unsecured subordinated debentures to a syndicate of underwriters bookrun by TD Securities Inc., National Bank Financial Inc., and CIBC Capital Markets.
The debentures, due March 31, 2029, are priced at $1,000 per debenture.
The corporation has granted the underwriters an over-allotment option to purchase up to $6,000,000 of additional debentures exercisable at any time until 30 days following the closing of the offering. If the over-allotment option is exercised in full, the gross proceeds of the offering will total $46,000,000.
The net proceeds of the offering will be used for debt repayment and for general corporate purposes.
The offering is expected to close on or about January 27, 2022, and is subject to the receipt of all necessary regulatory approvals.
The debentures will bear interest at a rate of 5.00 per cent per annum, payable semi-annually on the last day of March and September in each year and will mature on March 31, 2029. The debentures will be convertible at the holder’s option into common shares at a conversion price of $17.00 per share.
The corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments.
Firm Capital Mortgage Investment Corporation (FC) opened trading at C$14.65 per share.