TORONTO, July 6, 2017 /CNW/ - Home Capital Group Inc.
(the "Company" TSX: HCG) today reported it has received proceeds of
approximately $225 million for the
closing of certain commercial mortgage assets sold as previously
announced. The Company expects to receive further proceeds
during the third quarter as the next tranche of the transaction is
completed.
In addition, the Company has received an early payout with
respect to one of its retail consumer loan portfolios for a
principal value of approximately $82
million.
Proceeds from the closing of these transactions will be used to
reduce the amount outstanding on the Company's $2 billion dollar credit facility. The amount
drawn on the credit facility stood at approximately $1.4 billion outstanding as of July 5, 2017.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within
the meaning of applicable Canadian securities legislation. Please
refer to Home Capital's 2016 Annual Report, available on Home
Capital's website at www.homecapital.com, and on the Canadian
Securities Administrators' website at www.sedar.com, for Home
Capital's Caution Regarding Forward-looking Statements.
About Home Capital Group Inc.
Home Capital Group Inc. is a public company, traded on the Toronto
Stock Exchange (HCG), 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 via brokers and financial planners, and through its direct
to consumer deposit brand, Oaken Financial. Home Trust also
conducts business through its wholly owned subsidiary, Home Bank.
Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British
Columbia, Nova Scotia,
Quebec and Manitoba.
SOURCE Home Capital Group Inc.