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.
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