- Sustainable Power & Infrastructure Split Corp has completed its initial public offering (IPO)
- The IPO consisted of 3,221,666 Class A shares and 3,221,666 preferred shares for total gross proceeds of $64.4 million
- The Class A and preferred shares will begin trading today on the TSE under the symbols PWI and PWI.PR.A
- The investment objectives for the Class A shares are to provide holders with regular monthly non-cumulative cash distributions
- The investment objectives for the preferred shares are to provide holders with fixed cumulative preferential quarterly cash distributions
- The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank
- Sustainable Power & Infrastructure Split Corp. (PWI) opened trading at C$10.00 per share
Sustainable Power & Infrastructure Split Corp has completed its initial public offering.
The IPO consisted of 3,221,666 Class A shares and 3,221,666 preferred shares for total gross proceeds of $64.4 million. The Class A and preferred shares will begin trading today on the TSE under the symbols PWI and PWI.PR.A, respectively.
In seeking to achieve its investment objectives, the company intends to target investments in sustainable power and infrastructure companies.
The investment objectives for the Class A shares are to provide holders with regular monthly non-cumulative cash distributions and the opportunity for capital appreciation through exposure to the portfolio.
The monthly cash distribution is targeted to be $0.06667 per Class A share representing an 8.0 per cent annual yield.
The investment objectives for the preferred shares are to provide holders with fixed cumulative preferential quarterly cash distributions.
The quarterly cash distribution will be $0.1250 per preferred share representing a 5.0 per cent annual yield on the issue price of $10.00 per share, until May 29, 2026.
The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank.
Agents included BMO Capital Markets, TD Securities Inc., Hampton Securities Limited, Canaccord Genuity Corp., Raymond James Ltd., Richardson Wealth Limited, Echelon Wealth Partners Inc., iA Private Wealth Inc., Manulife Securities Incorporated, and Research Capital Corporation.
Sustainable Power & Infrastructure Split Corp. (PWI) opened trading at C$10.00 per share.