Timbercreek Financial Corp. will list 5.4-per-cent convertible unsecured subordinated debentures at 5:01 p.m. on July 28, 2016, for trading at the open on July 29, 2016, according to the Toronto Stock Exchange. As stated in the company's July 22, 2016, short form prospectus, Timbercreek plans to sell to the public $40-million principal amount of such debentures, maturing July 31, 2021. The company will issue the debentures in denominations of $1,000 and expects to close the offering before the open on July 28, 2016. The debentures will trade under the symbol TF.DB.A and Cusip No. 88709B AB 0.

According to the TSX, the interest rate on the debentures will be 5.4 per cent, and will be payable semi-annually in arrears on Jan. 31 and July 31 in each year. The initial interest payment amount of $27.90 per $1,000 principal amount of debentures will be payable on Jan. 31, 2017. The TSX reports that the debentureholders will have the option to convert the debentures at a price of $10.05 per share, representing a conversion rate of approximately 99.5025 shares per $1,000 principal amount of debentures.