TORONTO, July 14, 2023 /CNW/ – CHIP Mortgage Trust (“CMT” or the “Trust”) today announced that it has concluded the sale of $175 million of senior medium term notes (the “Notes”).  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. The Notes have a coupon of 6.069%, are rated AAA (sf) by DBRS Limited and have an expected final payment date of November 14, 2028.

CMT will use the proceeds of this issue to refinance outstanding indebtedness, acquire mortgages originated by HomeEquity Bank, and fund ongoing operations.

“We have closed another very successful issue of Notes by CMT,” said Atul Chandra, Executive Vice President and Chief Financial Officer, HomeEquity Bank. “HomeEquity Bank has been delivering exceptional operating and financial results, which have resonated well with investors, resulting in very strong demand for these Notes, including the addition of a number of new investors to the program. 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, 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…