CORRECTING and REPLACING – TDb Split Corp. Announces Overnight Offering
December 09 2019 - 4:09PM
In a release issued under the same headline earlier today by TDb
Split Corp. please note that in the third paragraph of the release,
the Preferred share price and yield have changed.
TDb Split Corp. (the “Company”) is pleased to
announce it has filed a preliminary short form prospectus in each
of the provinces of Canada with respect to an offering of Priority
Equity Shares and Class A Shares of the Company.
The offering will be co-led by National Bank
Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and
will also include a syndicate of dealers.
The Priority Equity Shares will be offered at a price of $10.00
per Share to yield 5.25% and the Class A Shares will be offered at
a price of $6.15 per Class A Share to yield 9.75%.
The closing price on the TSX of each of the
Priority Equity Shares and the Class A Shares on December 6, 2019
was $10.23 and $6.34, respectively.
Since inception of the Company, the aggregate
dividends declared on the Priority Equity Shares have been $6.47
per share and the aggregate dividends declared on the Class A
Shares have been $6.25 per share, for a combined total of $12.72
per unit. 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 common shares of Toronto-Dominion Bank, a
leading Canadian Financial institution.
The Company’s investment objectives are:
Priority Equity Shares:
- to provide holders of the Priority
Equity Shares with fixed, cumulative preferential monthly cash
dividends currently in the amount of $0.04375 ($0.525 annually);
and
- on or about the termination date,
currently December 1, 2024 (subject to further 5 year extensions
thereafter), to pay the holders of the Priority Equity Shares
$10.00 per Priority Equity Share.
Class A Shares:
- to provide holders of the Class A
Shares with regular monthly cash dividends currently in the amount
of $0.05 monthly ($0.60 annually); 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, 2024 (subject to further 5 year extensions thereafter)
such amounts as remain in the Company after paying $10 per Priority
Equity Share.
The sales period of this overnight offering will
end at 9:00 a.m. EST on December 10, 2019. The offering is
expected to close on or about December 23, 2019 and is subject to
certain closing conditions including approval by the TSX.
A preliminary short form prospectus containing
important information relating to the Priority Equity Shares and
the Class A Shares has been filed with securities commissions or
similar authorities in all provinces of Canada. The
preliminary short form prospectus is still subject to completion or
amendment. Copies of the preliminary short form prospectus
may be obtained from your registered financial advisor using the
contact information for such advisor, or from representatives of
the underwriters listed above. There will not be any sale or
any acceptance of an offer to buy the Priority Equity Shares or the
Class A Shares until a receipt for the final short form prospectus
has been issued.
Investor Relations: 1-877-478-2372 |
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Local: 416-304-4443 |
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www.tdbsplit.com |
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info@quadravest.com |
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