TORONTO, Jan. 19, 2012 /CNW/ - Timbercreek Senior Mortgage Investment
Corporation (the "Company") announced today that it has completed its
initial public offering of 11,500,000 class A shares (the "Prospectus
Offering"), which includes the exercise by the Agents (as defined
below) of an overallotment option of 15%, for aggregate gross proceeds
of $115,000,000. The class A shares were offered to the public by a
syndicate of agents co-led by Raymond James Ltd., BMO Nesbitt Burns
Inc. and TD Securities Inc., and including CIBC World Markets Inc., GMP
Securities L.P., RBC Dominion Securities Inc., Manulife Securities
Incorporated, Scotia Capital Inc., Canaccord Genuity Corp., HSBC
Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd. and
National Bank Financial Inc. (the "Agents").
Under a non-brokered private placement, the Company has also issued
3,720,000 of subscription receipts (the "Subscription Receipts") at
$10.00 per Subscription Receipt for gross proceeds of $37,200,000.
Holders of Subscription Receipts will receive 1.0525 Class A Shares of
the Company for each Subscription Receipt held, effective at 5:00 p.m.
(Toronto time), January 19, 2012. Holders of Subscription Receipts
will be deemed to have exchanged their Subscription Receipts for Class
A Shares at the close of business on January 19, 2012. Holders of
Subscription Receipts need not take any action in order to receive the
Class A Shares to which they are entitled.
Net proceeds from the Offering will be used to acquire and manage a
diversified portfolio made up of first mortgages with customized terms
(the "Customized First Mortgages") that are secured by residential
(including multi-residential) real estate as well as office, retail and
industrial properties. The investment objectives of the Company are,
with a primary focus on capital preservation, to acquire and maintain a
diversified portfolio of Customized First Mortgages that generates
attractive, stable returns in order to permit the Company to pay
monthly distributions to its shareholders. The Company will be managed
by Timbercreek Asset Management Ltd. (the "Manager"). The Manager will
also act as the portfolio advisor for the Company and is an investment
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities of the Company in the United
States, nor shall there be any sale of the securities of the Company in
any jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities described herein have not been, and will not
be, registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), or any state securities laws and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the 1933 Act
and applicable state securities laws.
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and similar
expressions to the extent they relate to the Company. The
forward-looking statements are not historical facts but reflect the
Manager's current expectations regarding future results or events.
These forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. Although the Manager believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and, accordingly, readers are cautioned not to place undue
reliance on such statements due to the inherent uncertainty therein.
The Manager undertakes no obligation to update publicly or otherwise
revise any forward-looking statement or information whether as a result
of new information, future events or other factors which affect this
information, except as required by law.
SOURCE Timbercreek Senior Mortgage Investment Corporation
For further information:
Timbercreek Asset Management Ltd.
Vice President, Investor Relations