Dividend 15 Split Corp. Announces Overnight Offering
09 Septembre 2021 - 9:22PM
Dividend 15 Split Corp. (the “Company”) is pleased to announce it
will undertake an offering of Preferred Shares and Class A Shares
of the Company. The offering will be led by National Bank Financial
Inc.
The Preferred Shares will be offered at a price of $10.05 per
Preferred Share to yield 5.5% and the Class A Shares will be
offered at a price of $8.15 per Class A Share to yield 14.7%.
The closing price on the TSX of each of the
Preferred Shares and Class A Shares on September 8, 2021 was $10.21
and $8.16, respectively.
Since inception of the Company, the aggregate
dividends declared on the Preferred Shares have been $9.21 per
share and the aggregate dividends declared on the Class A Shares
have been $24.00 per share (including five special distributions of
$0.25 per share, one special distribution of $0.50 per share and
one special stock dividend of $1.75 per share), for a combined
total of $33.21 per unit. All distributions paid to date have been
made in tax advantage eligible Canadian dividends or capital gains
dividends.
The net proceeds of the offering will be used by
the Company to invest in an actively managed, high quality
portfolio consisting of 15 dividend yielding Canadian companies as
follows:
Bank of Montreal |
Enbridge Inc. |
TC Energy |
The Bank of
Nova Scotia |
Manulife
Financial Corp. |
TELUS
Corporation |
BCE
Inc. |
National
Bank of Canada |
Thomson
Reuters Corp. |
Canadian
Imperial Bank of Commerce |
Royal Bank
of Canada |
The
Toronto-Dominion Bank |
CI Financial
Corp. |
Sun Life
Financial Inc. |
TransAlta
Corporation |
Preferred Shares:
- to provide holders of the Preferred Shares with fixed,
cumulative preferential monthly cash dividends in the amount of
5.50% annually; and
- on or about the termination date, currently December 1, 2024
(subject to further 5 year extensions thereafter and it has been
extended in the past), to pay the holders of the Preferred Shares
$10.00 per Preferred Share.
Class A Shares:
- to provide holders of the Class A Shares with regular monthly
cash dividends currently targeted to be $0.10 per share; and
- on or about the termination date, currently December 1, 2024
(subject to further 5 year extensions thereafter and it has been
extended in the past) to pay holders of Class A Shares at least the
original issue price of those shares.
The sales period of this overnight offering will
end at 9:00 a.m. EST on September 10, 2021. The offering is
expected to close on or about September 17, 2021 and is subject to
certain closing conditions including approval by the TSX.
A prospectus supplement to the Company’s short
form base shelf prospectus dated July 3, 2020 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 of
Canada.
For further information, please contact Dividend
15 Split Corp. Investor Relations at 416-304-4443 Toll free at
1-877-4-Quadra (1-877-478-2372) or visit
www.dividend15.com
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