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Client Work

CHIP Mortgage Trust closes US$150 million sale of floating rate medium term notes

Fasken
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CHIP Mortgage Trust

On October 26, 2009, CHIP Mortgage Trust ("CHIP"), a subsidiary of HOMEQ Corporation, closed the sale of $150 million of senior notes. The dealer syndicate for the sale was led by RBC Capital Markets and included Scotia Capital Inc. CHIP filed with the securities commissions and other similar regulatory authorities in each of the provinces of Canada a pricing supplement to CHIP's short form base shelf prospectus dated November 23, 2007. Under the prospectus, CHIP may issue up to a total of $750 million of medium term notes from time to time over the 25 months following the date of the prospectus. Proceeds from the issue will be used to refinance $150 million of previously issued medium term notes having an expected final payment date of November 1, 2009.CHIP was advised in this transaction by a team from Fasken Martineau that included Richard Steinberg and Daniel Batista (securities), and Mitchell Thaw (tax).

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