- Canadian Banc Corp. (BK) has completed an overnight offering of preferred shares and Class A shares of the company
- Gross proceeds are expected to be approximately $28.6 million
- The preferred shares are being offered at a price of $10.00 per preferred share and the Class A shares are being offered at a price of $14.50 per Class A share
- The net proceeds of the offering will be used by the company to invest in a portfolio of six publicly traded Canadian banks
- Canadian Banc is a mutual fund corporation that invests primarily in a portfolio of common shares of the Canadian chartered banks
- Canadian Banc Corp. was down 4.354 per cent, trading at $14.06 at 1:22 PM ET
Canadian Banc Corp. (BK) has completed an overnight marketing of preferred shares and Class A shares.
Total gross proceeds of the offering are expected to be approximately $28.6 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 June 8, 2022 and is subject to certain closing conditions including approval by the TSX.
The preferred shares are being offered at a price of $10.00 per preferred share to yield 5 per cent and the Class A shares are being offered at a price of $14.50 per Class A share with a target yield of 14.9 per cent
The closing price on the TSX of each of the preferred shares and the Class A shares on May 31, 2022 was $10.10 and $14.70, respectively.
The net proceeds of the offering will be used by the company to invest in a portfolio of six publicly traded Canadian banks.
These six banks are Bank of Montreal, Canadian Imperial Bank of Commerce , Royal Bank of Canada, The Bank of Nova Scotia, National Bank of Canada, and The Toronto-Dominion Bank.
Bank of Montreal, Canadian Imperial Bank of Commerce , Royal Bank of Canada, The Bank of Nova Scotia, National Bank of Canada, and The Toronto-Dominion Bank.
Canadian Banc Corp is a mutual fund corporation that invests primarily in a portfolio of common shares of the Canadian chartered banks.
Canadian Banc Corp. was down 4.354 per cent, trading at $14.06 at 1:22 PM ET.