Financial 15 Split Corp. Completes Overnight Offering of $104,211,800
May 31 2018 - 8:52AM
A high quality portfolio consisting of
15 North American Financial Services Companies
Financial 15 Split Corp. (the “Company”) is pleased to announce it
has completed the overnight offering of 5,159,000 Preferred Shares
and 5,159,000 Class A Shares of the Company. The total proceeds of
the offering were $104.2 million, bringing the Company’s net assets
to approximately $699.6 million. The shares will trade on the
Toronto Stock Exchange under the existing symbols of FTN.PR.A
(Preferred Shares) and FTN (Class A Shares).
The Preferred Shares were offered at a price of
$9.90 per Preferred Share to yield 5.6% and the Class A Shares were
offered at a price of $10.30 per Class A Share to yield 14.6%.
The offering was co-led by National Bank
Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and
RBC Capital Markets, and also included BMO Capital Markets,
Canaccord Genuity Corp., Industrial Alliance Securities Inc.,
Echelon Wealth Partners, GMP Securities L.P., Raymond James Ltd.,
Desjardins Securities Inc., Mackie Research Capital Corporation,
and Manulife Securities Incorporated.
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. |
|
|
|
|
|
Commissions, trailing commissions, management
fees and expenses all may be associated with mutual fund
investments. Investors should read the prospectus supplement to the
Company’s short form base shelf prospectus dated November 2, 2017
before investing. Mutual funds are not guaranteed, their values
change frequently and past performance may not be repeated. Please
read the Company’s publically filed documents which are available
at www.sedar.com.
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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