E Split Corp. Announces Successful Overnight Offering
20 Juni 2023 - 3:21PM
Middlefield Group, on behalf of E Split Corp. (TSX: ENS and
ENS.PR.A) (the “Company”), is pleased to announce a successful
overnight treasury offering of preferred shares (the “Preferred
Shares”). Gross proceeds of the offering are expected to be
approximately $33.3 million. Following closing of the offering and
after giving effect to the June 30, 2023 non-concurrent retraction,
it is expected that there will be approximately a matched number of
Preferred Shares and Class A shares of the Company outstanding.
The offering is expected to close on or about
Tuesday, June 27, 2023 and is subject to certain closing conditions
including approval by the Toronto Stock Exchange.
The Preferred Shares were offered at a price of
$10.00 per Preferred Share to yield 7.3% to maturity.
The Company invests in common shares of Enbridge
Inc., a North American oil and gas pipeline, gas processing and
natural gas distribution company.
The Company’s investment objectives for the:
Class A Shares are to provide holders with:
(i) non-cumulative
monthly cash distributions; and(ii) the opportunity for capital
appreciation through exposure to the portfolio
Preferred Shares are to:
(i) provide holders
with fixed cumulative preferential quarterly cash distributions;
and(ii) return the original issue price of $10.00 to holders upon
maturity.
Middlefield Capital Corporation provides
investment management advice to the Company.
The syndicate of agents for the offering was
co-led by CIBC Capital Markets, RBC Capital Markets, and
Scotiabank, and included Canaccord Genuity Corp., National Bank
Financial Inc., Hampton Securities Limited, BMO Capital Markets,
Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc.,
Desjardins Securities Inc., Manulife Securities Incorporated,
Middlefield Capital Corporation, Research Capital Corporation and
Richardson Wealth Limited.
For further information, please visit our
website at www.middlefield.com or contact Nancy Tham in our Sales
and Marketing Department at 1.888.890.1868.
A short form base shelf prospectus
containing important detailed information about the securities
being offered has been filed with securities commissions or similar
authorities in each of the provinces of Canada. Copies of the short
form base shelf prospectus may be obtained from a member of the
syndicate. The Company intends to file a supplement to the short
form base shelf prospectus, and investors should read the short
form base shelf prospectus and the prospectus supplement before
making an investment decision. There will not be any sale or any
acceptance of an offer to buy the securities being offered until
the prospectus supplement has been filed with the securities
commissions or similar authorities in each of the provinces of
Canada
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