Tricon Capital Completes US$261M Co-Investment into Tricon IX and C$242M Bought Deal Offering 

 

August 2013

Tricon Capital Group completed its acquisition of a 68.4% limited partnership interest in Tricon IX Limited Partnership, a dedicated U.S. residential development fund managed by Tricon with total committed capital of approximately US$332 million, from certain limited partners of Tricon IX, for a total net purchase price of approximately US$261 million. Tricon concurrently completed a $242 million public offering of 39,272,500 common shares on a bought deal basis at a price of $6.15 per common share involving a syndicate of underwriters co-led by GMP Securities and RBC Dominion Securities, and a US$45 million newly-committed revolving credit facility, fully provided by Royal Bank of Canada and JPMorgan Chase Bank, N.A., Toronto Branch. 

The lenders providing the credit facility were represented by Paul Avis and Kathy Martin (financing) of McMillan LLP.