- Financial 15 Split Corp. (FTN.PR.A) has completed an overnight marketing of preferred shares and Class A shares
- The offering is expected to generate gross proceeds of approximately $54.7 million
- The preferred shares were priced at $10.00 and pay 6.75 per cent, while the Class A shares were offered at $9.50 per Class A share and pay 15.88 per cent
- Financial 15 Split Corp is a Canada-based independent investment management firm, focused on the creation and management of enhanced yield products for retail investors
- Financial 15 Split Corp. Preferred Shares were down 1.672 per cent, trading at $10.00 at 11:51 AM ET
Financial 15 Split Corp. (FTN.PR.A) has completed an overnight marketing of preferred shares and Class A shares.
The offering is expected to yield gross proceeds of approximately $54.7 million.
National Bank Financial Inc. led the offering.
The offering is expected to close on or about August 31, 2022, and is subject to certain closing conditions, including approval from the TSX.
The preferred shares are being offered for $10.00 per preferred share to yield 6.75 per cent, while the Class A shares are being offered for $9.50 per Class A share to pay 15.88 per cent.
The closing price on the TSX of each of the preferred shares and the Class A shares on August 23, 2022 was $10.17 and $9.58, respectively.
The company intends to invest the net proceeds of the offering in an actively managed, high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers.
These include 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., and Wells Fargo & Co.
Financial 15 Split Corp is a Canada-based independent investment management firm, focused on the creation and management of enhanced yield products for retail investors.
Financial 15 Split Corp. Preferred Shares were down 1.672 per cent, trading at $10.00 at 11:51 AM ET.
