May 6 (Reuters) - Timbercreek Mortgage Investment Corp
TMC.TO
* 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
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