CHIP Mortgage Trust Issues $225 million of Medium Term Notes
CMT will use the proceeds of this issue to refinance outstanding indebtedness, acquire mortgages originated by HomeEquity Bank, and fund ongoing operations.
"Strong investor support has resulted in another very successful issue of medium term notes by CHIP Mortgage Trust. We are pleased that the transaction was heavily oversubscribed with a number of new buyers" said Atul Chandra, Executive Vice President and Chief Financial Officer, HomeEquity Bank. "HomeEquity Bank's exceptional operating and financial results as Canada's leading provider of reverse mortgages resonated well with investors and drove very strong demand for these Notes. Medium term notes are, and will continue to be, a key source of funding for our rapidly growing reverse mortgage business."
Forward-Looking Statements
CMT from time to time makes written and verbal forward-looking statements about business objectives, operations, performance, and financial condition, including, in particular, forecasted mortgage origination growth, future use of medium term notes as a source of funding, as well as the likelihood of its success in developing and expanding its business. Forward–looking statements are typically identified by words such as "will", "should", "believe", "expect", "forecast", "anticipate", "intend", "estimate", "plan", "may" and "could". These statements may be included in CMT's annual and quarterly reports, regulatory filings, press releases, presentations and other communications. These forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of CMT. The uncertainties and contingencies include, but are not limited to, risks related to capital markets and additional funding requirements, credit and underwriting risk, fluctuating interest rates, asset quality and rates of default, legal and regulatory risk, derivative related risk and reliance on relationships with financial institutions, as well as those factors discussed in the documents filed on SEDAR+. Actual results may differ materially from those expressed or implied by such forward-looking statements. CMT does not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time, except as required under applicable securities legislation.
About CHIP Mortgage Trust
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. HomeEquity Bank was founded more than 35 years ago to address the financial needs of Canadians who wanted to access the equity of their top asset – their home. HomeEquity Bank is committed to empowering Canadians aged 55 plus to live the retirement they deserve, in the home they love. HomeEquity Bank is a portfolio company of Ontario Teachers' Pension Plan Board, a global investor that delivers retirement income for 340,000 current and retired teachers in Ontario. For more information, visit www.chip.ca.
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