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
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Timbercreek Asset Management Inc.