CHIP Mortgage Trust Issues $225 million of Medium Term Notes
Summary
The Notes have a coupon of 3.967%, are rated AAA (sf) by DBRS Limited and have an expected final payment date of September 1, 2028.CMT will use the proceeds of this issue to refinance outstanding indebtedness, acquire mortgages originated by HomeEquity Bank, and fund ongoing operations. We are pleased that the transaction was heavily oversubscribed with a number of new buyers" said Atul Chandra, Executive Vice President and Chief Financial Officer, HomeEquity Bank. "HomeEquity Banks exceptional operating and financial results as Canadas leading provider of reverse mortgages resonated well with investors and drove very strong demand for these Notes. CMT does not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time, except as required under applicable securities legislation.CMT is a wholly owned subsidiary of HomeEquity Bank which is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage product. HomeEquity Bank was founded more than 35 years ago to address the financial needs of Canadians who wanted to access the equity of their top asset their home.