BRIEF-Timbercreek Mic and Timbercreek Senior Mic to amalgamate to become Timbercreek financial Corp

Fri May 6, 2016 8:13am EDT
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May 6 (Reuters) - Timbercreek Mortgage Investment Corp

* Timbercreek mic and timbercreek senior mic announce merger

* Co, tsmic executed amended credit agreement for a $350 million revolving credit facility with a syndicate of lenders

* Timbercreek financial is targeting an eps of approximately $0.72 1 on a stabilized basis over next 12 months

* Tmic and tsmic will amalgamate to become timbercreek financial corp

* Each tsmic shareholder will receive 1.035 tf shares for each tsmic share held

* Before effective time of deal, tmic, tsmic will terminate respective agreements with timbercreek asset management inc

* To combine with tsmic and create non-bank commercial real estate lender with a book value of about $650 million

* Each tmic shareholder receiving 1 share of timbercreek financial for each tmic share held

* Timbercreek mortgage investment corp sees book value and earnings per share accretion from deal

* Tmic and tsmic each formed a special committee of directors to review and consider proposed transactions Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)