Atrium Mortgage Investment Corporation completes C$34.5M convertible debt offering

Date Closed

July 18, 2018

Lead Office

Toronto

Value

34.50 Million CAD

On July 18, 2018, Atrium Mortgage Investment Corporation completed its previously announced public offering of C$30 million aggregate principal amount of 5.50% convertible unsecured subordinated debentures, due December 31, 2025, with a syndicate of underwriters. On July 31, 2018, the underwriters exercised, in full, their over-allotment option to purchase an additional C$4.5 million aggregate principal amount of debentures for total aggregate proceeds of C$34.5 million. Atrium will use the net proceeds of the offering and the over-allotment option to repay existing indebtedness under its revolving operating credit facility, which will then be available to fund future loan opportunities.

The underwriters were led by TD Securities Inc. and RBC Capital Markets, as bookrunners, and CIBC Capital Markets, and included BMO Capital Markets, National Bank Financial Inc., Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Industrial Alliance Securities Inc. and Raymond James Ltd.

Atrium, based in Toronto, provides residential and commercial mortgage loans in major urban centres in Canada.

McCarthy Tétrault LLP advised the underwriters with a team led by Andrew Parker that included Michael Eldridge and Saqib Butt.

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