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Home Equity Income Trust subsidiary issues US$170 million in medium term notes

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Home Equity Income Trust

On October 4, 2007, Home Equity Income Trust's subsidiary, CHIP Mortgage Trust, sold $150 million of senior medium term notes and $20 million of subordinated medium term notes. The dealer syndicate for the sale was led by RBC Capital Markets and included Scotia Capital Inc. The 2007-1 senior notes have a coupon of 5.407%, are rated AAA and mature on November 1, 2009. The 2007-1B subordinate notes have a coupon of 6.663%, are rated BBB and mature on November 1, 2012. Each tranche is unconditionally guaranteed by Home Equity Income Trust and is rated by Dominion Bond Rating Service Limited. The sale closed on October 4, 2007. The Trust was advised in this transaction by Fasken Martineau with a team that included Richard Steinberg and Marc Lefler (corporate/securities) and Mitchell Thaw (tax).



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