Home Capital Group Inc. (the “Company” TSX: HCG) today reported it has received proceeds of approximately $225 million for the closing of certain commercial mortgage assets sold as previously announced. The Company expects to receive further proceeds during the third quarter as the next tranche of the transaction is completed.
In addition, the Company has received an early payout with respect to one of its retail consumer loan portfolios for a principal value of approximately $82 million.
Proceeds from the closing of these transactions will be used to reduce the amount outstanding on the Company’s $2 billion dollar credit facility. The amount drawn on the credit facility stood at approximately $1.4 billion outstanding as of July 5, 2017.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation. Please refer to Home Capital’s 2016 Annual Report, available on Home Capital’s website at www.homecapital.com, and on the Canadian Securities Administrators’ website at www.sedar.com, for Home Capital’s Caution Regarding Forward-looking Statements.
About Home Capital Group Inc.
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential mortgage products, consumer lending and credit card services. In addition, Home Trust offers deposits via brokers and financial planners, and through its direct to consumer deposit brand, Oaken Financial. Home Trust also conducts business through its wholly owned subsidiary, Home Bank. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.
SOURCE Home Capital Group Inc.