Timbercreek Financial (TSE:TF) has released an update.
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Timbercreek Financial Corp. has successfully completed a $46 million bought deal offering of convertible debentures, with the over-allotment option fully exercised by underwriters. These debentures, accruing interest at 7.50% per annum and maturing in 2029, will be listed on the Toronto Stock Exchange. The company plans to use the proceeds to repay its credit facility and for general corporate purposes, including the redemption of existing debentures.
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