Timbercreek Financial - CEO, Blair Tamblyn
CEO, Blair Tamblyn
Source: Timbercreek Financial.
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  • Timbercreek Financial (TF) has increased its bought-deal offering of convertible debentures to C$50 million due to strong demand
  • The 5.25 per cent convertible unsecured subordinated debentures cost $1,000 each and are due July 31, 2028
  • The company intends to use the proceeds to repay amounts owing under its secured revolving credit facility
  • The offering is scheduled to close on or about July 8, 2021
  • Timbercreek Financial is a non-bank commercial real estate lender
  • Timbercreek Financial (TF) is up by 0.42 per cent and is currently trading at $9.54 per share

Timbercreek Financial (TF) has increased its bought-deal offering of convertible debentures to C$50 million due to strong demand.

The 5.25 per cent convertible unsecured subordinated debentures cost $1,000 each and are due July 31, 2028.

The debentures will accrue interest payable semi-annually in arrears on January 31 and July 31 of each year, commencing January 31, 2022.

Holders may convert the debentures into common shares at any time prior to the maturity date or the date fixed for redemption, whichever is earlier. The conversion price will be $11.40 per common share but the debentures will not be redeemable before July 31, 2024.

On and after July 31, 2024 and prior to July 31, 2026, the company may redeem the debentures at par plus accrued and unpaid interest under certain conditions.

The company intends to use the proceeds to repay amounts owing under its secured revolving credit facility, and to subsequently draw on the credit facility to redeem its 5.45 per cent convertible unsecured debentures due March 31, 2022.

Timbercreek expects the offering to close on or about July 8, 2021.

The company will redeem its 5.45 per cent debentures on July 23, 2021 for $1,000 plus accrued and unpaid interest of $17.0219. As of the close of trading on June 21, 2021, the aggregate principal amount of the 5.45 per cent debentures outstanding was $46,000,000.

Timbercreek Financial is a non-bank commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors.

Timbercreek Financial (TF) is up by 0.42 per cent and is currently trading at $9.54 per share as of 2:08 pm ET.

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