Timbercreek Financial Completes $46 Million Bought Deal Offering of Convertible Debentures
Summary
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.TORONTO, May 28, 2024 (GLOBE NEWSWIRE) -- Timbercreek Financial Corp. (TSX: TF) (Timbercreek or the Company) is pleased to report that it has completed its previously announced bought deal offering of $40 million aggregate principal amount of 7.50% convertible unsecured subordinated debentures of the Company due June 30, 2029 (the Debentures) with a syndicate of underwriters co-led by National Bank Financial Inc. and TD Securities Inc. and including CIBC World Markets Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., BMO Nesbitt Burns Inc., Scotia Capital Inc., iA Private Wealth Inc., ATB Securities Inc. and Manulife Wealth Inc. (collectively, the Underwriters). The conversion price will be $8.50 for each common share, subject to adjustment in certain circumstances.The securities described herein have not been and will not be registered under the United States Securities Act of 1933 and accordingly may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of, a U.S. person, except where an exemption from registration is available. 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. The Company does not intend to nor assumes any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.