This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Atrium Mortgage Investment Corporation Announces New Revolving Operating Credit Facility

Stocks in this article: AI

TORONTO, Oct. 1, 2012 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) ("Atrium") announced today that it has successfully entered into a new revolving operating credit facility, increasing the maximum availability to $50 million, from $40 million previously, increasing to $75 million by way of a bulge facility during the period commencing on September 25, 2012 and ending six months thereafter.

The revolving operating credit facility matures on August 31, 2013, except for amounts borrowed under the bulge facility, which mature six months after September 25, 2012. Advances under the revolving operating credit facility are subject to certain conditions of drawdown, and may be made by way of Canadian prime rate loans, bankers' acceptances or letters of credit. The amount which may be drawn under the revolving operating credit facility is limited to the lesser of: (i) $50 million (subject to increase to $75 million when the bulge facility is available); (ii) 45% (or 50% when the bulge facility is available) of Atrium's shareholders' equity; and (iii) 50% of the value of qualified first mortgages. The maximum available by way of letters of credit is $2 million.

Mr. Robert Goodall, President and CEO, stated, "The increase in our revolving credit facility positions Atrium to build shareholder value by continuing our focused program of investing in quality mortgages."

About Atrium

As a mortgage investment corporation, Atrium is a non-bank provider of residential and commercial real estate finance. Atrium lends in major urban centres in Canada where the stability and liquidity of real estate are at the highest levels. Canadian Mortgage Capital Corporation ("CMCC") is responsible for originating, underwriting, servicing and syndicating Atrium's mortgage loans. CMCC has been Atrium's exclusive manager since Atrium's formation and has grown Atrium's business to a mortgage portfolio of approximately $180 million. CMCC has been in the business of originating and underwriting mortgage loans for over 19 years and servicing mortgage loans for over 13 years.

CONTACT: Atrium Mortgage Investment Corporation
         Robert G. Goodall
         President and Chief Executive Officer
         (416) 607-4200
         ir@atriummic.com

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs