Initial Public Offering: Canadian Chartered Banc Split Corp.-An Investment in the Six Largest Canadian Banks
June 11 2009 - 9:00AM
Marketwired
Canadian Chartered Banc Split Corp. ("Banc Split") is pleased to
announce the filing of a preliminary prospectus for a proposed new
offering. Banc Split will invest in common shares of the six
largest Canadian Banks. Banc Split will offer two investment
choices: Class A Share Units (1 Class A Share and 1/2 Warrant) and
Preferred Shares.
Banc Split's Class A Shares offer regular monthly cash dividends
targeted to be 5.00% per annum. The Class A Shares will also
provide holders with any capital appreciation or dividend growth
achieved on the underlying portfolio of Canadian Banks. Further
upside potential is provided by the Warrants. Each Class A Share
Unit purchased on the IPO consists of 1 Class A Share and 1/2
Warrant. Each full warrant entitles holder to purchase a Unit (1
Class A Share and 1 Preferred Share) for $25 on September 30,
2010.
Banc Split's Preferred Shares offer fixed, cumulative
preferential monthly cash dividends at a yield of 7.00% per annum,
with the objective of repaying their original issue price ($10)
upon termination on December 1, 2016. The Preferred Shares have
been given a provisional rating of Pfd-2 (low) by DBRS.
CIBC World Markets Inc. and RBC Dominion Securities Inc. are
co-lead agents for the proposed offering. The other members of the
syndicate are Scotia Capital Inc., BMO Nesbitt Burns Inc., TD
Securities Inc., Canaccord Capital Corporation, Dundee Securities
Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd.,
Blackmont Capital Inc., Manulife Securities Incorporated,
Richardson Partners Financial Limited, Wellington West Capital Inc.
and Desjardins Securities Ltd.
Please visit our website at: www.CanadianBancSplit.com.
Contacts: Canadian Chartered Banc Split Corp. Investor Relations
416.304.4443 or 1.877.478.2372 info@quadravest.com
www.canadianbancsplit.com
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