Financial Preferred Securities Corporation
TSX : FPR.PR.A

Financial Preferred Securities Corporation

June 06, 2007 14:34 ET

Financial Preferred Completes Additional Offering

CALGARY, ALBERTA--(Marketwire - June 6, 2007) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES.

Financial Preferred Securities Corporation (TSX:FPR.PR.A) (the "Corporation") is pleased to announce today that it completed its additional offering of 500,000 preferred shares at a price of $24.30 per preferred share for gross cash proceeds of $12,150,000. The proceeds from the offering will be used to supplement its existing equal weighted notional portfolio of U.S. preferred securities.

The investment objectives of the Corporation are to provide its preferred shareholders with a stable stream of tax efficient quarterly distributions of $0.3125 per preferred share and to preserve net asset value. The Preferred Shares are rated P-2 (high)f by S&P.

The offering was made through a syndicate of agents co-led by: CIBC World Markets Inc., BMO Nesbitt Burns Inc., and TD Securities Inc.; and including National Bank Financial Inc., Scotia Capital Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Blackmont Capital Inc., Dundee Securities Corporation, Raymond James Ltd., Research Capital Corporation, Wellington West Capital Inc., Bieber Securities Inc., GMP Securities L.P. and Richardson Partners Financial Limited.

Contact Information

  • Financial Preferred Securities Corporation
    Joe MacDonald
    Executive Vice President, Sales and Marketing
    1-877-261-9674
    Website: www.citadelfunds.com