Timbercreek Financial Corp. Announces $40 Million Bought Deal Offering of Convertible Debentures and Redemption of 5.30% Convertible Unsecured Subordinated Debentures
Summary
SHELF PROSPECTUS ACCESSIBLE, AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE WITHIN TWO BUSINESS DAYS, ON SEDAR+THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- Timbercreek Financial Corp. (TSX: TF) (Timbercreek or the Company) today announced that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and TD Securities Inc. pursuant to which the underwriters will purchase $40 million aggregate principal amount of 7.50% convertible unsecured subordinated debentures of the Company due June 30, 2029 (the Debentures) at a price of $1,000 per Debenture (the Offering). The Company has also granted to the underwriters an over-allotment option to purchase up to an additional $6 million aggregate principal amount of Debentures at the same price, exercisable in whole or in part at any time for a period of up to 30 days following closing of the Offering. If the over-allotment option is exercised in full, the gross proceeds of the offering will total $46 million.The Company intends to use the net proceeds of the Offering to repay amounts owing under its secured revolving credit facility and to subsequently draw on the credit facility for the purpose of redeeming its 5.30% convertible unsecured subordinated debentures due June 30, 2024 (the 2017 Debentures), as well as for general corporate purposes. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. When used in this news release, the words may, would, should, could, will, intend, plan, anticipate, believe, estimate, expect, objective and similar expressions may be used to identify forward looking statements.