TDb Split Corp. Announces Successful Overnight Offering
December 10 2019 - 10:56AM
TDb Split Corp. (the “Company”) is pleased to announce it has
completed the overnight marketing of up to 2,600,012 Priority
Equity Shares and up to 1,568,100 Class A Shares of the
Company. Total gross proceeds of the offering are expected to
be approximately $35,643,935.
The offering is being co-led by National Bank
Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and
also includes TD Securities Inc., BMO Nesbitt Burns Inc., RBC
Dominion Securities Inc., Canaccord Genuity Corp., Echelon Wealth
Partners Inc., Industrial Alliance Securities Inc., Raymond James
Ltd, Desjardins Securities Inc., Hampton Securities Ltd., Mackie
Research Capital Corporation, Manulife Securities Incorporated.
The sales period of the overnight offering has
now ended.
The offering is expected to close on or about
December 23, 2019 and is subject to certain closing conditions
including approval by the TSX.
The Priority Equity Shares were offered at a
price of $10.00 per Share to yield 5.25% and the Class A Shares
were 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 9, 2019
was $10.10 and $6.31, respectively.
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 Company will today file an amended and
restated preliminary short form prospectus, containing important
information relating to the Priority Equity Shares and Class A
Shares, with securities commissions or similar authorities in all
provinces of Canada. The amended and restated preliminary
short form prospectus is still subject to completion or
amendment. Copies of the amended and restated 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.
Investors should read the prospectus before making an investment
decision. There will not be any sale or any acceptance of an offer
to buy the securities until a receipt for the final prospectus has
been issued.
Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.tdbsplit.com
info@quadravest.com
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