TORONTO, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Financial 15 Split Corp. (the "Company") is pleased to announce it has completed the overnight marketing of Preferred Shares and Class A Shares of the Company. Total gross proceeds of the offering are expected to be approximately $54.7 million.
The offering is being led by National Bank Financial Inc.
The sales period of the overnight offering has now ended.
The offering is expected to close on or about August 31, 2022 and is subject to certain closing conditions including approval by the TSX.
The Preferred Shares are being offered at a price of $10.00 per Preferred Share to yield 6.75% and the Class A Shares are being offered at a price of $9.50 per Class A Share to yield 15.88%.
The closing price on the TSX of each of the Preferred Shares and the Class A Shares on August 23, 2022 was $10.17 and $9.58, respectively.
The net proceeds of the offering will be used by the Company to invest in an actively managed, high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows:
|Bank of Montreal||National Bank of Canada||Bank of America Corp.|
|The Bank of Nova Scotia||Manulife Financial Corporation||Citigroup Inc.|
|Canadian Imperial Bank of Commerce||Sun Life Financial Services of Canada Inc.||Goldman Sachs Group Inc.|
|Royal Bank of Canada||Great-West Lifeco Inc.||JP Morgan Chase & Co.|
|The Toronto-Dominion Bank||CI Financial Corp.||Wells Fargo & Co.|
The Company's investment objectives are:
Class A Shares:
A prospectus supplement to the Company's short form base shelf prospectus dated November 22, 2021 containing important detailed information about the Preferred Shares and the Class A Shares being offered will be filed with securities commissions or similar authorities in all provinces of Canada. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the agents listed above. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the Securities Commissions or similar authorities in each of the provinces and territories of Canada.
For further information, please contact Financial 15 Split Corp. Investor Relations at
416-304-4443 Toll free at 1-877-4-Quadra (1-877-478-2372) or visit www.financial15.com
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