North American Financial 15 Split Corp. Announces Successful Overnight Offering
20 Januar 2022 - 3:54PM
North American Financial 15 Split Corp. (the “Company”) is pleased
to announce it has completed the overnight marketing of Preferred
Shares and Class A Shares of the Company. Total gross proceeds of
the offering are expected to be approximately $87.7 million.
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
January 28, 2022 and is subject to certain closing conditions
including approval by the TSX.
The Preferred Shares are being offered at a
price of $10.05 per Preferred Share to yield 6.7% and the Class A
Shares are being offered at a price of $7.75 per Class A Share to
yield 17.5%.
The closing price on the TSX of each of the
Preferred Shares and the Class A Shares on January 19, 2022 was
$10.15 and $7.82, respectively.
The net proceeds of the offering will be used by
the Company to invest in an actively managed, high quality
portfolio consisting of 15 financial services companies made up of
Canadian and U.S. issuers as follows:
Bank of Montreal |
National Bank of Canada |
Bank of America Corp. |
The Bank of
Nova Scotia |
Manulife
Financial Corporation |
Citigroup
Inc. |
Canadian
Imperial Bank of Commerce |
Sun Life
Financial Services of Canada Inc. |
Goldman
Sachs Group Inc. |
Royal Bank
of Canada |
Great-West
Lifeco Inc. |
JP Morgan
Chase & Co. |
The
Toronto-Dominion Bank |
CI Financial
Corp. |
Wells Fargo
& Co. |
The Company’s investment objectives are:
Preferred Shares:
- to provide holders of the Preferred
Shares with fixed, cumulative preferential monthly cash dividends
currently in the amount of 6.75% annually, to be set by the Board
of Directors annually subject to a minimum of 5.50% until 2024;
and
- on or about the termination date,
currently December 1, 2024 (subject to further 5 year extensions
thereafter), to pay the holders of the Preferred Shares $10.00 per
Preferred Share.
Class A Shares:
- to provide holders of the Class A
Shares with regular monthly cash dividends in an amount to be
determined by the Board of the Directors; 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
Preferred Share.
A prospectus supplement to the Company’s short
form base shelf prospectus dated July 3, 2020, as amended September
27, 2021, containing important detailed information about the
Preferred Shares and the Class A Shares being offered will be filed
with securities commissions or similar authorities in all provinces
of Canada. Copies of the prospectus supplement and the short form
base shelf prospectus may be obtained from your registered
financial advisor using the contact information for such advisor,
or from representatives of the agents listed above. 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 and territories of Canada.
For further information, please contact North
American Financial 15 Split Corp. Investor Relations at
416-304-4443 Toll free at 1-877-4-Quadra (1-877-478-2372) or visit
www.financial15.com
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