- Firm Capital Mortgage Investment Corporation (FC) has raised $40 million from its public offering of convertible unsecured subordinated debentures
- The offering was supported by a syndicate of underwriters led by TD Securities Inc., National Bank Financial Inc. and CIBC Capital Markets
- The underwriters were granted an over-allotment option which, if fully exercised, would increase the gross proceeds of the offering to $46,000,000
- The debentures bear interest at a rate of 5.00 per cent per annum, payable semi-annually on the last day of March and September
- 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$15.26 per share
Firm Capital Mortgage Investment Corporation (FC) has raised $40 million from its public offering of convertible unsecured subordinated debentures.
The previously announced offering was supported by a syndicate of underwriters led by TD Securities Inc., National Bank Financial Inc. and CIBC Capital Markets.
The underwriters were granted an over-allotment option to purchase up to $6,000,000 additional aggregate principal amount of debentures, exercisable at any time until 30 days following today’s closing. If the over-allotment option is exercised in full, the gross proceeds of the offering will total $46,000,000.
The Debentures will trade on the Toronto Stock Exchange under the symbol FC.DB.K.
The net proceeds of the offering will be used for debt repayment, new investments and for general corporate purposes.
The debentures bear interest at a rate of 5.00 per cent per annum, payable semi-annually on the last day of March and September, commencing on March 31, 2022, and maturing on September 30, 2028.
Firm Capital 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$15.26 per share.