Date Closed

May 28, 2024

Lead Office

Vancouver

Value

46.00 Million CAD

On May 28, 2024, Timbercreek Financial Corp. ("Timbercreek" or the “Company”) completed its previously announced bought deal offering of C$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 Underwriters exercised in full the over-allotment option to purchase up to an additional C$6 million aggregate principal amount of Debentures, resulting in the issuance by the Company of aggregate principal amount of C$46 million of Debentures.  The Company intends to use the net proceeds of the offering to repay amounts owing under its secured revolving credit facility.

Timbercreek is non-banking commercial real estate lender headquartered in Toronto, Canada.

McCarthy Tétrault LLP advised Timbercreek, with a team led by Joyce Lee that included Gerald Gaunt, Jordan Chu and Kara Bodie (Business).