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CHIP Mortgage Trust files short-form base shelf prospectus in respect of US$600 million of medium term notes and completes offerings

Fasken
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CHIP Mortgage Trust and Home Equity Income Trust

On November 18, 2005, CHIP Mortgage Trust filed a short-form base shelf prospectus in all provinces of Canada providing for the issue of up to an aggregate principal amount of $600 million of medium term notes, unconditionally guaranteed as to principal, premium (if any) and interest by HOME Equity Income Trust, through a syndicate of dealers comprised of RBC Dominion Securities Inc. and Scotia Capital Inc. On December 9, 2005, CHIP Mortgage Trust issued $110 million principle amount of Series 2005-1 medium term notes (secured) due November 1, 2010 pursuant to the short-form base shelf prospectus. On February 23, 2006, CHIP Mortgage Trust issued an additional $105 million principle amount of Series 2006-1 medium term notes (secured) due February 1, 2013 pursuant to the short-form base shelf prospectus. Home Equity Income Trust invests in a portfolio of reverse mortgages originated by its wholly owned subsidiary Canadian Home Income Plan Corporation. CHIP Mortgage Trust issues short-term debt and medium-term debt for the purpose of funding new reverse mortgages. CHIP Mortgage Trust and Home Equity Income Trust were represented by the Toronto office of Fasken Martineau with a team comprised of Richard Steinberg and Jeffrey Klam (securities) and Mitchell Thaw (tax).

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