Toronto, Ontario--(Newsfile Corp. - March 31, 2020) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB) (TSX: AI.DB.B) (TSX: AI.DB.C) (TSX: AI.DB.D) (TSX: AI.DB.E) ("Atrium") announced today that it plans to redeem early all of its outstanding 5.25% convertible unsecured subordinated debentures (the "Debentures"). The Debentures, which have a maturity date of June 30, 2020, will be redeemed by Atrium on May 4, 2020 (the "Redemption Date") in accordance with the terms of the Debenture trust indenture. The Debentures are listed on the Toronto Stock Exchange under the symbol AI.DB, and will cease trading at the close of business on the Redemption Date. The aggregate principal amount of the Debentures currently outstanding is $24,977,000.
On the Redemption Date, Atrium will pay holders of the Debentures a redemption price equal to $1,000 for each $1,000 principal amount of Debentures and all accrued and unpaid interest up to but excluding the Redemption Date. Atrium intends to use cash on hand to pay the redemption price of the redeemed Debentures.
Formal notice of redemption is being delivered to the Debenture holders through the Debenture Trustee, Computershare Trust Company of Canada, in accordance with the trust indenture. Beneficial holders of the Debentures are encouraged to contact their investment dealer to coordinate the surrender of their Debentures or if they have any questions about the redemption. No action is required to be taken by holders of the Debentures if they wish to have their Debentures redeemed in cash.
About Atrium
Canada's Premier Non-Bank Lender™
Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium's objectives are to provide its shareholders with stable and secure dividends and preserve shareholders' equity by lending within conservative risk parameters.
Atrium is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada), so is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information, please refer to regulatory filings available at www.sedar.com or Atrium's website at www.atriummic.com.
For further information, please contact
Robert G. Goodall
President and Chief Executive Officer
Jennifer Scoffield
Chief Financial Officer
(416) 867-1053
info@atriummic.com
www.atriummic.com
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