Dividend 15 Split Corp. Announces Successful Overnight Offering
13 Mai 2014 - 3:38PM
Marketwired
Dividend 15 Split Corp. Announces Successful Overnight Offering
TORONTO, ONTARIO--(Marketwired - May 13, 2014) - Dividend 15
Split Corp. (the "Company") is pleased to announce that it has
completed the overnight marketing of up to 2,500,000 Class A Shares
and up to 2,500,000 Preferred Shares. Total proceeds of the
offering are expected to be approximately $55 million. The Company
has granted the dealers an overallotment of 375,000 units if
exercised, bringing the total proceeds to $63.3 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 Class A Shares
will be offered at a price of $12.00 per Class A Share to yield
10.0% on the issue price and the Preferred Shares will be offered
at a price of $10.00 per Preferred Share to yield 5.25% on the
issue price. The closing price on the TSX of each of the Class A
Shares and the Preferred Shares on May 12, 2014 was $12.34 and
$10.27, 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 The Bank of Nova Scotia BCE Inc. Canadian Imperial
Bank of Commerce CI Financial Corp. |
|
Enbridge Inc. Manulife Financial Corp. National Bank of Canada
Royal Bank of Canada Sun Life Financial Inc. |
|
TELUS Corporation Thomson-Reuters Corporation The Toronto-Dominion
Bank TransAlta Corporation 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 Class
A Shares and the Preferred 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.Investor Relations416-304-4443Toll Free:
1-877-4-Quadra (1-877-478-2372)www.dividend15.com
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