Toronto Stock Exchange: MTG
TORONTO, Dec. 22, 2014 /CNW/ - Timbercreek Senior Mortgage Investment Corporation (the "Company") is pleased to announce that it has completed the exercise of the accordion feature (the "Accordion Feature") of its credit agreement between the Company, The Toronto-Dominion Bank as administrative agent, and the syndicated lenders thereto.
The exercise of the Accordion Feature has increased the total revolving commitment of the lenders by $45,000,000, bringing the facility limit to $190,000,000, while keeping leverage below 40% of total assets. General terms of the credit facility remain unchanged.
"Given the strong deal flow we are seeing in the market today, we are pleased to have more capacity in the credit facility to fund these investment opportunities in an accretive way," states Andrew Jones, Chief Executive Officer of the Company. "This extra capacity will also allow us to better manage cash flow and protect against the impacts of high 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 Senior Mortgage Investment Corporation
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Timbercreek Asset Management Inc.