Toronto Stock Exchange: TMC
TORONTO, Feb. 5, 2015 /CNW/ - Timbercreek Mortgage Investment
Corporation (the "Company") is pleased to announce that it has exercised a portion of the
accordion feature (the "Accordion Feature") of its credit agreement between the Company and The Toronto-Dominion
Bank. In conjunction with exercising the Accordion Feature, the
Company has added HSBC Bank Canada to the lending syndicate.
The exercise of the Accordion Feature has increased the total revolving
commitment of the lenders by $15,000,000, bringing the facility limit
to $50,000,000, while keeping leverage below 20% of total assets.
General terms of the credit facility remain unchanged.
"Having just completed an active fourth quarter that resulted in a fully
invested portfolio by year-end, we are pleased to have access to more
capital to continue to build on this momentum," states Andrew Jones,
Chief Executive Officer of the Company. "This excess capacity on our
credit facility will allow us to keep the portfolio more than 100%
invested and minimize the impact of unanticipated portfolio turn-over."
About the Company
The company provides investors with an opportunity to invest in a
diversified portfolio of first only mortgages and loan investments
originated and underwritten by the Timbercreek debt origination
platform. The Company focuses on capital preservation and the
generation of attractive, stable returns, allowing for the payment of
monthly dividends to shareholders.
SOURCE Timbercreek Mortgage Investment Corporation
For further information:
Timbercreek Asset Management Inc.