CHIP Mortgage Trust issues C$175 million medium term notes
On July 14, 2023, CHIP Mortgage Trust ("CMT") announced that it concluded the sale of C$175 million of senior medium term notes. The notes have a coupon of 6.069%, are rated AAA by DBRS Limited and have an expected final payment date of November 14, 2028.
The dealer syndicate for the sale was led by TD Securities and Scotiabank and included BMO Capital Markets, CIBC World Markets, National Bank Financial Markets and RBC Capital Markets.
CMT will use the proceeds of this issue to refinance outstanding indebtedness, acquire 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 which is a Schedule 1 Canadian Bank offering a range of reverse mortgage solutions including the flagship CHIP Reverse Mortgage™ product.