The offering of term notes, with maturities of up to five years, is being underwritten by a syndicate of investment dealers led by CIBC World Markets. The preliminary prospectus is available at www.sedar.com.
The funds raised by the offering will be used to purchase residential mortgages that have been originated by Xceed Mortgage Corporation and securitized through another trust.
"This will be the first offering of mortgage-backed term notes by Xceed Mortgage Trust since we first created this entity and successfully raised funds to purchase a $531 million pool of residential mortgages in April 2006. This second transaction allows for further diversification of Xceed's funding activities and reduces reliance on the short-term commercial paper market," said Ivan Wahl, Chairman and Chief Executive Officer of Xceed Mortgage Corporation. "It gives us greater access to a broader range of institutional investors, more flexibility, and improved liquidity for the residential mortgages that we originate.
"This also reflects the growth that Xceed Mortgage Corporation has achieved during the past year. Earlier this week, we announced our financial results for the fiscal 2007 first quarter, reporting that our mortgage fundings at $340.0 million were nearly double those in the corresponding 2006 period and that as at January 31, 2007, we had nearly $2.5 billion in mortgages and other assets under administration, up 29% from a year earlier," Mr. Wahl said. -- www.cnxmarketlink.com
Posted March 17th, 2007 by ruzik_tuzik
