Financial 15 Split Corp. Announces Overnight Offering
22 Mars 2022 - 8:16PM
Financial 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 $10.35 per Preferred Share to yield 6.5% and the Class A Shares
will be offered at a price of $11.85 per Class A Share to yield
12.7%.
The closing price on the TSX of each of the
Preferred Shares and the Class A Shares on March 21, 2022 was
$10.52 and $11.91, respectively.
Since inception of the Company, the aggregate
dividends declared on the Preferred Shares have been $9.92 per
share and the aggregate dividends declared on the Class A Shares
have been $22.42 per share, for a combined total of $32.34. All
distributions 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 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:
Preferred Shares:
- to provide holders of the Preferred Shares with fixed,
cumulative preferential monthly cash dividends currently in the
amount of 6.75% annually, to be set by the Board of Directors
annually subject to a minimum of 5.50% until 2025; and
- on or about the termination date, currently December 1, 2025
(subject to further 5 year extensions thereafter), 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 in an amount to be determined by the Board of the
Directors; and
- to permit holders to participate in all growth in the net asset
value of the Company above $10 per Unit, by paying holders on or
about the termination date of December 1, 2025 (subject to further
5 year extensions thereafter) such amounts as remain in the Company
after paying $10 per Preferred Share.
The sales period of this overnight offering will end at 9:00
a.m. EST on March 23, 2022. The offering is expected to close on or
about March 30, 2022 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 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
at416-304-4443 Toll free at 1-877-4-Quadra
(1-877-478-2372) or visit
www.financial15.com
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