TORONTO, Dec. 19, 2012 /CNW/ - First National Mortgage Investment Fund
(the "Fund") is pleased to announce the closing of its initial public offering of
4.6 million units of the Fund (the "Units") and the issuance of 920,000 Class H Units (the "Class H Units") to First National Financial Corporation by way of a private
placement. The Fund raised aggregate gross proceeds of approximately
$55.2 million pursuant to the offering of Units and private placement
of Class H Units.
The Units are listed on the Toronto Stock Exchange under the symbol
FNM.UN. The Class H Units are non-voting, will not be listed on a
stock exchange and are convertible into the Units on a monthly basis.
The Fund has been created to obtain economic exposure to a diversified
portfolio of mortgages originated by First National Financial LP, a
wholly owned subsidiary of First National Financial Corporation.
The Fund's investment objectives are to:
provide holders of units with tax-advantaged monthly cash distributions;
The distributions are initially targeted to be 6.0% per annum on the
subscription price of $10.00 per unit ($0.05 per unit per month or
$0.60 per annum). Commencing in December 2013, the Fund will announce,
at least annually, the expected distribution amount for the following
Stone Asset Management Limited is the manager and portfolio manager of
First National Financial Corporation is a Canadian-based originator,
underwriter and servicer of predominantly prime residential
(single-family and multi-unit) and commercial mortgages.
The syndicate of agents for this offering was co-led by RBC Capital
Markets, CIBC and TD Securities Inc., and included BMO Capital Markets,
National Bank Financial Inc., Scotiabank, Canaccord Genuity Corp., GMP
Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Dundee
Securities Ltd. and Macquarie Private Wealth Inc.
About First National:
First National Financial Corporation (TSX: FN) is the parent company of
First National Financial LP, a Canadian-based originator, underwriter
and servicer of predominantly prime residential (single-family and
multi-unit) and commercial mortgages. With over $63 billion in
mortgages under administration, First National Financial Corporation
believes it is the largest lender of single-family residential
mortgages in Canada outside the five largest chartered banks and one of
the largest multi-unit and commercial mortgage lenders in Canada. For
more information, please visit www.firstnational.ca.
About Stone Asset Management Limited:
Stone Asset Management Limited manages a family of open-ended mutual
funds, a series of flow-through limited partnerships and a TSX-listed
investment fund. SAM specializes in structuring and managing high
quality investment products and currently has approximately $685
million in assets under management.
SOURCE: First National Mortgage Investment Fund
For further information:
For additional information, please contact Robert Inglis, First National Financial Corporation, at 416-593-1100 or visit www.firstnational.ca.