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TORONTO, Dec. 13, 2013 /CNW/ - Tricon Capital Group (TSX: TCN) ("Tricon"
or the "Company") today announced it has increased the size of the
credit facility for its U.S. single-family rental platform, Tricon
American Homes ("TAH"), by $100 million to $250 million. In addition,
TAH was able to improve upon several of the key terms of the loan,
including increasing the advance rate to 65% from 60% Loan-to-Cost
retroactive to all existing borrowings. Deutsche Bank, the largest
lender in the facility, recently led the first single-family rental
securitization, a transaction that was extremely well received by the
markets and several times oversubscribed.
Tricon American Homes was launched in April 2012. Since that time, over
3,000 homes have been acquired, putting the company well on track to
achieving its publicly stated goal of owning over 4,000 homes by
year-end 2014. Over the past three months, TAH has expanded its
footprint into Las Vegas, San Antonio and Tampa and entered Atlanta in
December 2013. In total, TAH is currently operating in 12 markets.
"I am very pleased with the growth of Tricon American Homes and its
combined focus of generating cash flow from operations and capitalizing
on long-term home price appreciation as the U.S. housing market
recovers. There continues to be a buying opportunity in many parts of
the United States which we will be able to take advantage of by using
our upsized credit facility," said David Berman, Tricon's Chairman and
Chief Executive Officer.
About Tricon Capital Group Inc.
Founded in 1988, Tricon is one of North America's leading residential
real estate investment companies with $1.8 billion of assets under
management and a portfolio of over 3,000 U.S. single-family rental
homes. Tricon provides financing to local operators or developers in
select markets in the United States and Canada, with a primary focus on
for-sale housing in growing markets. Since inception, Tricon has
invested in approximately 160 transactions for development projects
valued at more than $11 billion. More information about Tricon is
available at www.triconcapital.com.
This press release may contain forward-looking statements relating to
expected future events and financial and operating results and
projections of the Company, including statements regarding future
plans, objectives or economic performance that involve risks and
uncertainties. Forward-looking information and statements are based on
management's expectations, intentions and assumptions. If unknown risks
arise, or if any of the assumptions underlying the forward-looking
statements prove incorrect, actual results may differ materially from
management expectations as projected in such forward-looking
statements. Examples of such risks include, but are not limited to, the
risks disclosed in the Company's final long form prospectus dated May
14, 2010, the risks disclosed in the Company's subsequent final short
form prospectuses issued through July 26, 2013 and the risks described
in the Company's continuous disclosure materials from time-to-time, as
available on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.
SOURCE: Tricon Capital Group Inc.
For further information:
Chief Financial Officer