Press release from Marketwire
Integrated Asset Management Corp. and Integrated Private Debt Corp. Announce $20 Million Financing for Equitable Group Inc.
Tuesday, December 21, 2010
Integrated Asset Management Corp. and Integrated Private Debt Corp. Announce $20 Million Financing for Equitable Group Inc.08:30 EST Tuesday, December 21, 2010TORONTO, ONTARIO--(Marketwire - Dec. 21, 2010) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) and its private corporate debt group, Integrated Private Debt Corp. ("IPD") announced today the closing of a $20 million purchase of Series 9 Debentures from Equitable Group Inc. ("Equitable") (TSX:ETC). The capital raised by Equitable qualifies as Regulatory Tier 2 Capital for its wholly-owned subsidiary, The Equitable Trust Company. Equitable is a niche mortgage lender whose core business is first charge mortgage financing offered through The Equitable Trust Company. Founded in 1979, The Equitable Trust Company is a federally incorporated and regulated trust company that funds its business by attracting depositors as a regulated Canada Deposit Insurance Corporation ("CDIC") member. John Robertson, President and COO of IAM and President and CEO of IPD, said "we are delighted to have been given this opportunity to assist Equitable fund the Tier 2 capital requirements of its subsidiary. Equitable is a very well managed company with an excellent track record of profitable and conservative lending in what has proven to be a most volatile financial environment." IPD manages and provides funding from the $1.1 billion Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IPD offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, plant expansion or modernization, project financing and management buyouts. IAM is one of Canada's leading alternative asset management companies, with approximately $2.3 billion in assets and committed capital under management in private corporate debt, real estate, managed futures, global bonds, private equity and retail alternative investments. FOR FURTHER INFORMATION PLEASE CONTACT: John F. K. RobertsonIntegrated Asset Management Corp.President and COO416email@example.comORB. Frank DuffyIntegrated Private Debt Corp.Managing Director416firstname.lastname@example.org