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Atrium Mortgage Investment Corporation Completes $30 Million Public Offering of Convertible Unsecured Subordinated Debentures
Toronto, Ontario--(Newsfile Corp. - November 30, 2021) - Atrium Mortgage Investment Corporatio...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Completes $30 Million Public Offering of Convertible Unsecured Subordinated DebenturesToronto, Ontario--(Newsfile Corp. - November 30, 2021) - Atrium Mortgage Investment Corporation (TSX:AI, AI.DB.C, AI.DB.D, AI.DB.E and AI.DB.F) (\"Atrium\") is pleased to report that it has closed its previously announced public offering of $30 million aggregate principal amount of 5.00% convertible unsecured subordinated debentures of Atrium due December 31, 2028 with a syndicate of underwriters bookrun by TD Securities Inc. and RBC Capital Markets and co-led by CIBC Capital Markets, and including National Bank Financial Inc., BMO Capital Markets, Scotiabank, Canaccord Genuity Corp., iA Private Wealth Inc., Raymond James Ltd. and Echelon Wealth Partners Inc. Atrium has granted the underwriters an over-allotment option to purchase up to an additional $4.5 million aggregate principal amount of debentures, exercisable in whole or in part at any time for a period of up to 30 days following today's closing.The debentures will trade on the Toronto Stock Exchange under the symbol \"AI.DB.F\".Atrium will use the net proceeds of the offering to repay existing indebtedness under its revolving operating credit facility, which will then be available to be drawn, as required, for general corporate purposes, particularly funding future mortgage loan opportunities.The debentures mature on December 31, 2028 and accrue interest at the rate of 5.00% per annum payable semi-annually in arrears on the last day of June and December in each year, commencing June 30, 2022. At the holder's option, the debentures may be converted into common shares of Atrium at any time prior to the close of business on the earlier of the business day immediately preceding the maturity date and the business day immediately preceding the date fixed for redemption of the debentures. The conversion price is $17.50 for each common share, subject to adjustment in certain circumstances.The debentures are direct, unsecured obligations of Atrium, subordinated to other senior indebtedness of Atrium, ranking pari-passu to Atrium's existing 5.30% convertible unsecured subordinated debentures due June 30, 2024, 5.50% convertible unsecured subordinated debentures due December 31, 2025 and 5.60% convertible unsecured subordinated debentures of Atrium due March ...