CHIP Mortgage Trust completes C$125 million of medium term notes
Torys acted as counsel to CHIP Mortgage Trust with a team that included Michael Feldman, Jonathan Cescon, Brett Saulnier and Melissa Lowy (corporate/securities), John Tobin and Joshua Morry (tax).
On July 15, 2021, CHIP Mortgage Trust ("CMT”) announced its completed sale of C$125 million of senior medium term notes (the “Notes”). The dealer syndicate for this sale was led by Scotiabank and CIBC Capital Markets and included National Bank Financial Markets, BMO Capital Markets, RBC Capital Markets and TD Securities. The Series 2021-1 Notes have a coupon of 1.503%, are rated AAA (sf) by DBRS Limited and have an expected final payment date of November 15, 2024.
CMT will use the proceeds to refinance outstanding indebtedness, fund mortgages originated by HomeEquity Bank, and fund ongoing operations.
Further information can be found on Canada Newswire’s website.
CMT is a wholly-owned subsidiary of HomeEquity Bank, founded more than 30 years ago as an annuity-based solution addressing the financial needs of Canadians who wanted to access the equity of their top asset – their home.