Timbercreek Financial Launches $40M Convertible Debenture Offering

Timbercreek Financial (TSE:TF) has released an update.

Timbercreek Financial Corp. has launched a $40 million offering of convertible debentures, with an option for underwriters to purchase an additional $6 million, potentially raising the total to $46 million. The proceeds will be used to repay existing credit facilities and redeem 5.30% convertible unsecured subordinated debentures due June 2024, with the new debentures maturing in 2029 at a 7.50% interest rate. The offering, expected to close by May 28, 2024, will be detailed in a prospectus supplement available on SEDAR+ within two business days.

For further insights into TSE:TF stock, check out TipRanks’ Stock Analysis page.