- Canadian Banc Corp. (BK) has completed the overnight offering of preferred shares and Class A shares
- Total gross proceeds raised from the offering stood at $45.1 million, bringing the company’s net assets to approximately $392.3 million
- The preferred shares were offered at a price of $10.00 per preferred share to yield 7.95 per cent
- The Class A shares were offered at a price of $13.75 per Class A share with a target yield of 14.47 per cent
- Canadian Banc Corp. is a Canadian-based company operating in the financial services sector as a mutual fund corporation
- Canadian Banc Corp. was up 0.295 per cent, trading at $13.60 at 10:11 AM ET
Canadian Banc Corp. (BK) has completed the overnight offering of preferred shares and Class A shares.
Total gross proceeds raised from the offering stood at $45.1 million, bringing the company’s net assets to approximately $392.3 million.
The shares will begin trading on the Toronto Stock Exchange under the existing symbols of BK.PR.A (preferred Shares) and BK (Class A shares).
While the preferred shares were offered at a price of $10.00 per preferred share to yield 7.95 per cent and the Class A shares were offered at a price of $13.75 per Class A share with a target yield of 14.47 per cent.
The offering was led by National Bank Financial Inc.
The company plans to use the net proceeds of the offering to invest in a portfolio that primarily consists of the six publicly traded Canadian banks. These six banks include the Bank of Montreal, The Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the National Bank of Canada, the Royal Bank of Canada, and the Toronto-Dominion Bank.
Canadian Banc Corp. is a Canadian-based company operating in the financial services sector as a mutual fund corporation that invests primarily in a portfolio of common shares of Canadian chartered banks.
Canadian Banc Corp. was up 0.295 per cent, trading at $13.60 at 10:11 AM ET.
