Brief: Tricon Provides Covid-19 Related Business Update

Tricon Residential

16/04/2020 23:09

April 16 (Reuters) - Tricon Capital Group Inc  TCN.TO :
    * TRICON PROVIDES COVID-19 RELATED BUSINESS UPDATE
    * TRICON CAPITAL GROUP INC - AS OF APRIL 15, TRICON HAS
COLLECTED
92% OF APRIL RENTS
    * TRICON CAPITAL GROUP INC - IN U.S. MULTI-FAMILY BUSINESS,
OCCUPANCY REMAINED STABLE AT 94% THROUGHOUT Q1
    * TRICON CAPITAL GROUP INC - AS OF APRIL 15, EXPERIENCED A
TEMPORARY PAUSE IN ACQUISITIONS OF SINGLE-FAMILY RENTAL HOMES
    * TRICON CAPITAL GROUP INC - PROJECTED TO CLOSE ON 60-70
HOMES IN
Q2 THAT WERE ALREADY UNDER BINDING CONTRACTS PRIOR TO PANDEMIC
    * TRICON CAPITAL GROUP INC -  LIQUIDITY CONSISTS OF A $500
MILLION
CORPORATE CREDIT FACILITY WITH APPROXIMATELY $175 MILLION OF
UNDRAWN CAPACITY AS AT MARCH 31
    * TRICON CAPITAL GROUP INC - COMPANY ALSO HAD APPROXIMATELY
$53
MILLION OF CASH ON HAND AS OF MARCH 31, 2020
    * TRICON CAPITAL GROUP INC - TRICON'S U.S. MULTI-FAMILY
BUSINESS
HAS A $116 MILLION CREDIT FACILITY WITH A CANADIAN BANK WHICH
MATURES IN DECEMBER 2020
    * TRICON CAPITAL GROUP INC - COMPANY IS IN ACTIVE
DISCUSSIONS WITH
LENDER TO EXTEND $116 MILLION CREDIT FACILITY MATURITY TO END OF
2020

Source text for Eikon:  ID:nCNWCmV9Wa 
Further company coverage:  TCN.TO 

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