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Financial 15 Split Corp Announces Overnight Offering

Thursday, 31 Oct 2013 10:50am EDT 

Financial 15 Split Corp announced that it has completed the overnight marketing of up to 1,352,000 Preferred Shares and up to 1,352,000 Class A Shares. Total proceeds of the offering are expected to be approximately $25 million. The Company has granted the Dealers an overallotment of 202,800 units if exercised, bringing the total to $28.7 million. The offering was co-led by National Bank Financial Inc., CIBC World Markets Inc. and RBC Capital Markets and also included BMO Nesbitt Burns Inc., Canaccord Genuity Corp and GMP Securities L.P. The sales period of this overnight offering has ended. The Preferred Shares will be offered at a price of $10.00 per Preferred Share to yield 5.25% and the Class A Shares will be offered at a price of $8.50 per Class A Share to yield 17.7%. The closing price of each of the Preferred Shares and the Class A Shares on October 30, 2013 on the TSX was $10.07 and $9.28, respectively. The proceeds of the secondary offering, net of expenses and the Agents' fee, will be used by the Company to invest in a portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers. 

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28 Aug 2015