Harvest Portfolios Group Inc. Announces $9.3 million Overnight Offering for Big Pharma Split Corp.
25 Février 2021 - 3:44PM
Harvest Portfolios Group Inc. (“Harvest”) is pleased to announce
that Big Pharma Split Corp. (the “Company”) has completed the
overnight marketing of 385,200 Preferred Shares and 385,200 Class A
Shares of the Company for gross proceeds of $9,341,100. The
offering is being led by BMO Capital Markets, CIBC World Markets
Inc. and Scotia Capital Inc. The sales period of the overnight
offering has now ended. The offering is expected to close on or
about March 4, 2021 and is subject to certain closing conditions
including approval by the Toronto Stock Exchange.
The Preferred Shares were offered at a price of
$10.50 per Preferred Share to yield 4.8% and the Class A Shares
were offered at a price of $13.75 per Class A Share to yield
9.0%.
The closing price on the TSX of each of the
Preferred Shares and the Class A Shares on February 24, 2021 was
$10.52 and $13.99, respectively.
The net proceeds of the offering will be used to
invest in an equally-weighted portfolio of ten issuers comprised of
equity securities selected by Harvest from a universe of
pharmaceutical issuers which includes:
Eli Lilly and Company | Johnson & Johnson |
Amgen Inc. | Novartis AG | Pfizer Inc.
AstraZeneca PLC | Sanofi SA | Merck & Co Inc.
| Bristol-Myers Squibb Company | AbbVie Inc.
In order to seek to generate additional returns,
Harvest may write call options each month in respect of some or all
of the equity securities in the portfolio.
The investment objectives for the Preferred
Shares are to provide their holders with fixed cumulative
preferential quarterly cash distributions in the amount of $0.125
per Preferred Share ($0.50 per annum) until December 31, 2022 (the
“Maturity Date”) and to return of the original issue price to
holders on the Maturity Date.
The investment objectives for the Class A Shares
are to provide their holders with regular monthly cash
distributions targeted to be $0.1031 per Class A Share ($1.2372 per
annum) and with the opportunity for growth in net asset value per
Class A Share.
Harvest is the manager, portfolio manager and
promoter of the Company.
For additional information: Please visit
www.harvestportfolios.com, e-mail info@harvestportfolios.com or
call toll free 1-866-998-8298.
About Harvest Portfolios Group Inc. Founded in
2009, Harvest is a Canadian Investment Fund Manager managing over
$1.2 billion in assets for Canadian Investors. Harvest offers an
innovative suite of exchange traded funds, mutual funds and
publicly-listed structured fund products designed to satisfy the
long-term growth and income needs of investors. We pride ourselves
in creating trusted investment solutions that meet the expectations
of our investors.
A prospectus supplement to the Company’s short
form base shelf prospectus dated November 4, 2020 containing
important detailed information about the Preferred Shares and the
Class A Shares being offered will be filed with the securities
commissions or similar authorities in each of the provinces and
territories 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.
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