TDb Split Corp. Announces Successful Overnight Offering
March 24 2021 - 10:03AM
TDb Split Corp. (the “Company”) is pleased to announce it has
completed the overnight marketing of up to 987,000 Priority Equity
Shares and up to 987,000 Class A Shares of the Company. Total gross
proceeds of the offering are expected to be approximately
$15,002,400.
The offering is being led by National Bank
Financial Inc.
The sales period of the overnight offering has
now ended.
The offering is expected to close on or about
April 7, 2021 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 $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 23, 2021 was
$10.25 and $5.40, 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. 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
TDb Split (TSX:XTD)
Historical Stock Chart
From Jun 2024 to Jul 2024
TDb Split (TSX:XTD)
Historical Stock Chart
From Jul 2023 to Jul 2024