TORONTO, Dec. 17 /CNW/ - Xceed Mortgage Corporation [TSX: XMC], a
Canadian provider of insured mortgages, today announced it had
exercised the optional clean-up call for Xceed Mortgage Trust Tranche
2006-T1, a securitization trust established by Xceed in 2006. After the
exercise of this clean-up call, all of the $360.4 million advanced by
investors to purchase term notes issued by the trust to facilitate the
purchase of a pool of $531.0 million of residential mortgages, will
have been paid back to the note holders. The final instalment of $3.0
million will be paid back to the D-note holders today. Certain
privately placed notes amounting to $170.6 million have been already
paid back to the respective note holders.
In addition, the subordinated E-note holders will also be paid back
their principal amount of $10.5 million in full. These notes had been
privately placed in 2006 to provide credit enhancement to all of the
other senior notes.
About Xceed Mortgage
Xceed Mortgage Corporation, based in Toronto, is a Canadian provider of
insured residential mortgages that it originates in Canada. The
company had approximately $1.7 billion of mortgages and other assets
under administration at the end of its fiscal 2010 third quarter.
Xceed's shares are traded on the Toronto Stock Exchange (TSX: XMC). To
find out more about Xceed Mortgage Corporation, visit our website at www.xceedmortgage.com.
Forward-looking statements in this document are based on current
expectations that are subject to significant risks and uncertainties.
Actual results might differ materially due to various factors such as
the competitive nature of the mortgage industry, the ability of Xceed
to continue to execute its growth and development strategy, and the
reliance of Xceed on key personnel. Xceed assumes no obligation to
update these forward-looking statements, or to update the reasons why
actual results could differ from those reflected in these. Additional
information identifying risks and uncertainties is contained in Xceed's
regulatory filings available on its website and at www.sedar.com.
SOURCE XCEED MORTGAGE TRUST
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