Atrium Mortgage Investment Corporation Announces Increase to Bought Deal Financing
10 Juillet 2018 - 8:59PM
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Atrium Mortgage Investment Corporation (TSX:AI) (TSX:AI.DB)
(TSX:AI.DB.A) (TSX:AI.DB.B) (TSX:AI.DB.C) (“Atrium”) announced
today that as a result of strong demand it has increased the size
of its previously announced bought deal financing with a syndicate
of underwriters bookrun by TD Securities Inc. and RBC Capital
Markets and co-led by CIBC Capital Markets, pursuant to which the
underwriters will now purchase $30 million aggregate principal
amount of 5.50% convertible unsecured subordinated debentures of
Atrium due December 31, 2025 at a price of $1,000 per debenture.
Atrium has also granted to the underwriters an over-allotment
option to purchase up to an additional $4.5 million aggregate
principal amount of debentures at the same price, exercisable in
whole or in part at any time for a period of up to 30 days
following closing of the offering, to cover over-allotments. If the
over-allotment option is exercised in full, the gross proceeds of
the offering will total $34,500,000.
The offering of debentures is expected to close
on or about July 18, 2018 and is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the approval of the Toronto Stock
Exchange.
A prospectus supplement to Atrium’s short form
base shelf prospectus dated October 10, 2017 will be filed by no
later than July 11, 2018 with the securities regulatory authorities
in all provinces of Canada, except Québec. No securities regulatory
authority has either approved or disapproved of the contents of
this news release. The securities being offered have not been, and
will not be, registered under the United States Securities Act of
1933, as amended, or any state securities laws, and may not be
offered or sold in the United States unless an exemption from
registration is available. This news release is for information
purposes only and does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Atrium in any
jurisdiction.
About Atrium
Canada’s Premier Non-Bank
Lender™
Atrium is a non-bank provider of residential and
commercial mortgages that lends in major urban centres in Canada
where the stability and liquidity of real estate are high. Atrium’s
objectives are to provide its shareholders with stable and secure
dividends and preserve shareholders’ equity by lending within
conservative risk parameters.
Atrium is a Mortgage Investment Corporation
(MIC) as defined in the Income Tax Act (Canada), so is not taxed on
income provided that its taxable income is paid to its shareholders
in the form of dividends within 90 days after December 31 each
year. Such dividends are generally treated by shareholders as
interest income, so that each shareholder is in the same position
as if the mortgage investments made by the company had been made
directly by the shareholder. For further information, please refer
to regulatory filings available at www.sedar.com or Atrium’s
website at www.atriummic.com.
Forward-Looking Statements This
news release contains forward-looking statements. Much of this
information can be identified by words such as “expect to,”
“expected,” “will,” “estimated” or similar expressions suggesting
future outcomes or events and includes the expected closing date of
the offering. Atrium believes the expectations reflected in such
forward-looking statements are reasonable but no assurance can be
given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon.
Forward-looking statements are based on current
information and expectations that involve a number of risks and
uncertainties, which could cause actual results or events to differ
materially from those anticipated. These risks include, but are not
limited to, risks associated with the ability to satisfy
regulatory, stock exchange and commercial closing conditions of the
offering, the uncertainty associated with accessing capital markets
and the risks related to Atrium’s business, including those
identified in Atrium’s annual information form for the year ended
December 31, 2017 under the heading “Risk Factors” (a copy of which
may be obtained at www.sedar.com). Forward-looking statements
contained in this news release are made as of the date hereof and
are subject to change. All forward-looking statements in this news
release are qualified by these cautionary statements. Except as
required by applicable law, Atrium undertakes no obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
For further information, please
contact
Robert G. Goodall
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Jennifer Scoffield |
President and Chief
Executive Officer |
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Chief Financial
Officer |
(416)
867-1053info@atriummic.comwww.atriummic.com
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