Timbercreek Financial Announces ATM Offering

Published March 12, 2024


TORONTO, March 12, 2024 (GLOBE NEWSWIRE) -- Timbercreek Financial Corp. (TSX: TF) (“Timbercreek Financial” or the “Company”) today announced that it has re-established an at-the-market equity program (the “ATM Program”) that allows the Company to issue common shares from treasury (“Common Shares”) having an aggregate gross sales amount of up to $90 million (the “Maximum Amount”) to the public from time to time, at the Company’s discretion. The ATM Program is being established pursuant to a prospectus supplement, dated the date hereof (the “Prospectus Supplement”) and filed in all provinces and territories of Canada, to the base shelf prospectus dated March 5, 2024 (the “Base Shelf Prospectus” and collectively with the Prospectus Supplement, the “Prospectus”).

Sales of the Common Shares through the ATM Program will be made pursuant and subject to the terms of an equity distribution agreement dated the date hereof (the “Equity Distribution Agreement”) with National Bank Financial Inc.

Sales of the Common Shares will be made through “at-the-market distributions” as defined in National Instrument 44-102 – Shelf Distributions, including sales made directly on the Toronto Stock Exchange (the “TSX”). The Common Shares will be distributed under the ATM Program at the market prices prevailing at the time of sale, and therefore prices may vary as between purchasers and over time. The ATM Program will be activated at the Company’s discretion and will end on the earlier of the date of distribution of the Maximum Amount and April 6, 2026.

“As discussed with our year-end earnings, we’re excited about the opportunities to generate increasingly strong returns for our shareholders, and re-focus on growth, as we exit this extended period of economic uncertainty,” said Blair Tamblyn, Chief Executive Officer of Timbercreek Financial. “The ATM Program will enable us to efficiently add incremental equity capital to the balance sheet when it’s beneficial to shareholders.”

The Company currently intends to use the net proceeds, if any, of the ATM Program for general investment and working capital purposes, including, if and as required, repaying amounts owing under its secured revolving credit facility. The credit facility is used for day to day working capital requirements of the Company and for other general corporate purposes, particularly the funding of mortgage loans.

The Prospectus Supplement, together with the Base Shelf Prospectus, has been filed with the securities commissions in all provinces and territories of Canada. The Prospectus contains important detailed information about the securities being offered. Before you invest, you should read the Prospectus and the other documents the Company has filed for more complete information about the Company and the ATM Program. Copies of the Equity Distribution Agreement and the Prospectus will be available under the Company’s profile at www.sedarplus.ca.

About Timbercreek Financial

Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors.


This news release contains "forward looking statements" within the meaning of that phrase under Canadian securities laws, including, but not limited to, anticipated sales of Common Shares through the ATM Program and the proposed use of proceeds from the ATM Program. When used in this news release, the words “may”, “would”, “should”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “objective” and similar expressions may be used to identify forward looking statements. By their nature, forward looking statements reflect the Company’s current views, beliefs, assumptions and intentions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, those risks disclosed in the Company's public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The Company does not intend to nor assumes any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.

Timbercreek Financial
Blair Tamblyn
Chief Executive Officer