Dividend 15 Split Corp. II Announces Successful Overnight Offering
27 März 2014 - 3:29PM
Marketwired
Dividend 15 Split Corp. II Announces Successful Overnight Offering
TORONTO, ONTARIO--(Marketwired - Mar 27, 2014) - Dividend 15
Split Corp. II (the "Company") is pleased to announce that it has
completed the overnight marketing of up to 1,935,000 Preferred
Shares and up to 1,935,000 Class A Shares. Total proceeds of the
offering are expected to be approximately $35.8 million. The
Company has granted the dealers an overallotment of 290,250 units
if exercised, bringing the total to $41.2 million.
The offering is
being co-led by National Bank Financial Inc., CIBC and RBC Capital
Markets and also includes BMO Capital Markets, TD Securities Inc.,
GMP Securities L.P. and Canaccord Genuity Corp. The sales period of
the overnight offering has now ended.
The Preferred Shares
will be offered at a price of $10.00 per Preferred Share to yield
5.25% on the issue price and the Class A Shares will be offered at
a price of $8.50 per Class A Share to yield 14.12% on the issue
price. The closing price on the TSX of each of the Preferred Shares
and the Class A Shares on March 26, 2014 was $10.22 and $9.10,
respectively.
The net proceeds of
the secondary offering will be used by the Company to invest in an
actively managed portfolio of dividend-yielding common shares which
includes each of the 15 Canadian companies listed below:
Bank
of Montreal |
Enbridge Inc. |
TELUS
Corporation |
The
Bank of Nova Scotia |
Manulife Financial Corp. |
Thomson-Reuters Corporation |
BCE
Inc. |
National Bank of Canada |
The
Toronto-Dominion Bank |
Canadian Imperial Bank of Commerce |
Royal
Bank of Canada |
TransAlta Corporation |
CI
Financial Corp. |
Sun
Life Financial Inc. |
TransCanada Corporation |
The Company's
investment objectives are:
Preferred
Shares:
- to provide holders of the Preferred Shares with fixed,
cumulative preferential monthly cash dividends in the amount of
$0.04375 per Preferred Share to yield 5.25% per annum on the
original issue price; and
- on or about December 1, 2019, to pay the holders of the
Preferred Shares the original issue price of those shares.
Class A Shares:
- to provide holders of the Class A Shares with regular monthly
cash dividends initially targeted to be $0.10 per Class A; and
- on or about December 1, 2019, to pay the holders of Class A
Shares at least the original issue price of those shares.
The Company will
today file an amended and restated preliminary short form
prospectus, containing important information relating to the
Preferred Shares and the 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.
Dividend 15 Split Corp. IIInvestor Relations416-304-4443 or toll
free at 1-877-4-Quadra (1-877-478-2372)www.dividend15.com
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