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Home Capital Is Talking to Banks to Replace Its Costly Lifeline

By Tony Seruga

Firm seeks debt-like financing with those supporting deposits
Policy makers say Home Capital’s woes are specific to company

Home Capital Group Inc. is in talks to replace its costly rescue loan from Healthcare of Ontario Pension Plan as policy makers sought to reassure investors there is little sign of contagion in Canada’s financial system.

“I’m talking to all sorts of entities — banks and others on this,” said Alan Hibben, a former investment banker who took founder Gerald Soloway’s place on the mortgage lender’s board. “The replacement on the HOOPP deal is really a debt-like financing, so we’re looking at people who can actually provide deposit note-type support to this thing.”…

Home Capital Is Talking to Banks to Replace Its Costly Lifeline

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