Firm Capital Expands Debenture Offering with Over-Allotment Option

Firm Capital Mortgage Investment Corporation Expands Debenture Offering

Firm Capital Mortgage Investment Corporation (TSX: FC) has made headlines with the recent announcement surrounding its financial maneuvers. The company disclosed that the underwriters of their recent offering of 5.50% convertible unsecured subordinated debentures due in 2032 have partially exercised their over-allotment option. This development enables the company to issue an additional $3,150,000 in aggregate principal, increasing the total capital raised to $28,150,000.

Details of the Debenture Offering

The underwriters in this venture were led by CIBC Capital Markets and TD Securities Inc., with participation from leading firms like Canaccord Genuity Corp., National Bank Financial Inc., RBC Capital Markets, and others. This diverse underwriting syndicate reflects the strong confidence in Firm Capital's offerings among financial institutions.

Use of Net Proceeds

The net proceeds from the partial exercise of the over-allotment option are earmarked for repaying existing indebtedness. This strategic financial decision aims to bolster the corporation's overall financial health and enhance its capital structure.

About Firm Capital Mortgage Investment Corporation

Founded with a clear investment philosophy in mind, Firm Capital Mortgage Investment Corporation has solidified its reputation as a key player in the mortgage investment sector. Through its relationship with Firm Capital Corporation, a non-bank lender, it specializes in providing financing solutions for residential and commercial real estate projects, including construction financing and mezzanine debt. Since its inception in 1999, the company has focused on preserving shareholders' equity while ensuring consistent monthly dividend payouts.

Investment Objectives

The corporation’s investment framework operates within specific niche markets that are often overlooked by larger lending institutions. This calculated approach enables Firm Capital to create a diversified mortgage portfolio aimed at generating stable returns for its shareholders. Detailed financial reports, including audited consolidated financial statements and management discussions, are readily accessible to shareholders and interested parties.

Accessing Information

For those seeking more insights into Firm Capital’s operations and financial standing, additional information is available through the company’s profile on SEDAR+ and via their dedicated website. Any interested investor or stakeholder can stay informed about the corporation's activities, portfolio performance, and strategic directions by regularly checking these resources.

Contacting the Corporation

For further inquiries, individuals can reach out directly to Firm Capital Mortgage Investment Corporation. Eli Dadouch, the President and Chief Executive Officer, is available at (416) 635-0221 to address any questions related to the corporation's operations or investment strategies.

Frequently Asked Questions

What does the over-allotment option entail for Firm Capital?

The over-allotment option allows underwriters to sell additional debentures beyond the initial offering, enhancing the total funds raised for the corporation.

How will the additional funds be utilized?

Firm Capital plans to utilize these additional funds primarily for repaying existing debts, improving its financial position.

Who are the major players in this underwriter syndicate?

The underwriting syndicate includes respected firms like CIBC Capital Markets, TD Securities Inc., Canaccord Genuity Corp., and others, showcasing strong industry confidence.

What is the investment focus of Firm Capital?

Firm Capital primarily invests in mortgages through its non-bank lender, providing financing solutions in various niche markets often underserved by large institutions.

Where can investors find more information about Firm Capital?

Detailed reports, financial results, and strategic updates are accessible through the company’s profile on SEDAR+ as well as their corporate website.

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