- Canadian Banc Corp. (BK) has completed an overnight offering of preferred shares and Class A shares
- The company received $28.6 million as total gross proceeds from the offering, which pushed the company’s net assets to approximately $314.6 million
- 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 Corp is a company operating in the financial services sector
- Canadian Banc Corp. was down 0.141, trading at $14.12 at 10:19 AM ET
Canadian Banc Corp. (BK) has completed an overnight offering of preferred shares and Class A shares.
The company received $28.6 million as total gross proceeds from the offering, which pushed the company’s net assets to approximately $314.6 million.
The shares will start trading on the Toronto Stock Exchange under the existing symbols of BK.PR.A (preferred shares) and BK (Class A shares).
The preferred shares were offered at a price of $10.00 per Preferred Share to yield 5 per cent and the Class A shares were offered at a price of $14.50 per Class A share with a target yield of 14.9 per cent.
National Bank Financial Inc. led the offering.
The company will use the net proceeds of the offering to invest in a portfolio of six publicly traded Canadian banks: 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 company operating in the financial services sector.
Canadian Banc Corp. was down 0.141, trading at $14.12 at 10:19 AM ET.
