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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Timbercreek Mortgage Investment Corporation Merges with Timbercreek Senior Mortgage Investment Corporation

2016

Areas Banking and Finance Law, Corporate Finance and Securities, Litigation, Mergers and Acquisitions, REITs and Income Securities, Tax

Summary

Goodmans represented Timbercreek Senior Mortgage Investment Corporation (TSX: MTG) (TSMIC) in connection with its merger with Timbercreek Mortgage Investment Corporation (TSX: TMC) (TMIC) to create Canada’s largest mortgage investment corporation (“MIC”). The merger made Timbercreek more than double the size of the next largest publicly traded MIC.  

It was implemented by way of a plan of arrangement under the Business Corporations Act (Ontario) pursuant to which TMIC and TSMIC have amalgamated to form Timbercreek Financial Corp. (Timbercreek Financial), a leading non-banking commercial real estate lender. Timbercreek Financial has a book value of approximately $650 million and a mortgage investment portfolio of approximately $1 billion.

Concurrently with the completion of the arrangement, Timbercreek Financial closed an amended and restated credit agreement for a $350 million revolving credit facility with a syndicate of lenders with The Toronto-Dominion Bank as sole lead arranger, sole book-runner and administration agent. Timbercreek Financial also entered into a new management agreement with its manager, Timbercreek Asset Management Inc.