TDb Split Corp. Announces Overnight Offering
March 23 2021 - 3:23PM
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 led by National Bank
Financial Inc.
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 $5.20 per Class A Share to yield
11.54%.
The closing price on the TSX of each of the
Priority Equity Shares and the Class A Shares on March 19, 2021 was
$10.25 and $5.48, respectively.
Since inception of the Company, the aggregate
dividends declared on the Priority Equity Shares have been $7.17
per share and the aggregate dividends declared on the Class A
Shares have been $6.55 per share, for a combined total of $13.72
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 March 24, 2021. The offering is expected to
close on or about April 7, 2021 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 |
Local:
416-304-4443 |
www.tdbsplit.com |
info@quadravest.com |
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