- Timbercreek Financial (TF) has completed its previously announced bought deal offering of convertible debentures
- The debentures will trade on the Toronto Stock Exchange under the symbol TF.DB.E
- The debentures will accrue interest at the rate of 5.00 per cent per annum, payable semi-annually
- Timbercreek Financial is a non-bank commercial real estate lender
- Timbercreek Financial Corp. (TF) opened trading at C$9.23 per share
Timbercreek Financial (TF) has completed its previously announced bought deal offering of convertible debentures.
The offering was co-led by National Bank Financial Inc. and TD Securities Inc. and included underwriters RBC Dominion Securities Inc., CIBC World Markets Inc., Canaccord Genuity Corp., Raymond James Ltd., BMO Nesbitt Burns Inc., Scotia Capital Inc., iA Private Wealth Inc., Manulife Securities Incorporated and Stifel Nicolaus Canada Inc.
The company has granted the underwriters an over-allotment option to purchase up to an additional $6 million of debentures.
The debentures will trade on the Toronto Stock Exchange under the symbol TF.DB.E.
Net proceeds will be used to repay amounts owing under its secured revolving credit facility and for general corporate purposes.
The debentures will mature on December 31, 2028, and accrue interest at the rate of 5.00 per cent per annum payable semi-annually in arrears on June 30 and December 31, commencing June 30, 2022. The debentures may be converted into common shares of the company at any time prior to the maturity date of the debentures. The conversion price will be $11.40 for each common share.
Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors.
Timbercreek Financial Corp. (TF) opened trading at C$9.23 per share.