Tricon Capital Completes US&261M Co-Investment into Tricon IX and CAD$242M Bought Deal Offering

Tricon Capital Group completed its acquisition of a 68.4 per cent limited partnership interest in Tricon IX Limited Partnership – a dedicated US residential development fund managed by Tricon with total committed capital of approximately US$332 million – from certain limited partners of Tricon IX for a total net purchase price of approximately US$261 million. Tricon concurrently completed a CAD$242-million public offering of 39,272,500 common shares on a bought deal basis at a price of $6.15 per common share involving a syndicate of underwriters co-led by GMP Securities and RBC Dominion Securities, and a US$45-million newly committed revolving credit facility, fully provided by Royal Bank of Canada and JPMorgan Chase Bank, N.A., Toronto branch.

Tricon was represented in Canada by Goodmans LLP with a team that included Stephen Pincus, John Connon, Michelle Vigod and David Wallace (corporate); Jon Northup and Mark Biderman (tax) and Mark Surchin and Ronna Weatherly (financing). Tricon was represented in the US by Goulston & Storrs PC with a team that included Bob Towsner (tax), David Coombs, Jack Eiferman, Yaacov Gross and Nick Perricone (corporate) and Zev Gewurz (real estate).

The underwriters of the bought deal offering were represented by Blake, Cassels & Graydon LLP with a team that included William Fung, Eric Moncik, Cynthia Sargeant and Miaomiao Shan (securities) and Paul Stepak and Chris Van Loan (tax).

The lenders providing the credit facility were represented by McMillan LLP with a team including Paul Avis, Kathy Martin and Maggie VanderMeulen (financing).