An anonymous director reports
HOME CAPITAL CLOSES $500 MILLION COMMITTED STANDBY SECURED FUNDING FACILITY WITH BANK OF MONTREAL AND ROYAL BANK OF CANADA
Home Capital Group Inc. has closed its two-year,
$500-million committed standby secured financing facility entered into by its subsidiary, Home Trust Company, with Bank
of Montreal and Royal Bank of Canada. The credit facility replaces a $2-billion credit facility, provided by a wholly owned subsidiary of
Berkshire Hathaway Inc., that matured today.
The company does not intend to draw on the credit facility in the
ordinary course of business as its current liquidity profile provides
sufficient liquidity and financing for its business activities. Any draws
on the credit facility will be secured against a portfolio of mortgages
originated by Home Trust Company.
About Home Capital Group Inc.
Home Capital Group is a public company, operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential mortgage products, consumer lending, and credit card services. In addition, Home Trust offers deposits through brokers and financial planners and through its direct-to-consumer deposit brand, Oaken Financial.
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