Tricon Completes $86 Million Bought Deal Debenture Offering
|Areas||Corporate Finance and Securities, Private Equity, Tax|
Goodmans represented Tricon Capital Group Inc. in connection with its completion of an offering of $75,000,000 aggregate principal amount of convertible unsecured subordinated debentures (“Convertible Debentures”) at a price of $1,000 per Convertible Debenture on February 25, 2013. The offering of Convertible Debentures was completed on a bought deal basis and was underwritten by a syndicate of underwriters co-led by RBC Capital Markets and GMP Securities L.P. and including BMO Capital Markets, CIBC, Canaccord Genuity Corp., National Bank Financial Inc., Paradigm Capital Inc. and Fraser Mackenzie Limited. On March 5, 2013, the underwriters purchased an additional $11,000,000 aggregate principal amount of Convertible Debentures at a price of $1,000 per Convertible Debenture upon the exercise of their over-allotment option. Tricon intends to use the net proceeds from the offering to fund continued expansion of its U.S. single-family home rental market strategy, and for general corporate and working capital purposes.
Tricon is one of North America’s leading residential real estate investment companies with approximately $1.1 billion of third-party assets under management and a portfolio of 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.