NB Split Corp.

NB Split Corp.

January 31, 2007 09:46 ET

NB Split Corp. Files Final Prospectus

TORONTO, ONTARIO--(CCNMatthews - Jan. 31, 2007) - NB Split Corp. (the "Company") announced that it has filed and has received a receipt dated January 30, 2007, from the securities regulators of all the Canadian provinces, for the final prospectus for the initial public offering of Capital Shares and Preferred Shares of the Company (collectively, the "Shares").

The Toronto Stock Exchange ("TSX") has approved the listing of the Shares, subject to fulfillment by the Company of the requirements of the TSX (Capital Shares - NBF; and Preferred Shares - NBF.PR.A). The offering is scheduled to close on or about February 22, 2007.

The Company has been created to provide investors with exposure to common shares of National Bank of Canada, utilizing the split security structure, on a low cost basis. The Company expects to pay quarterly dividends of $0.0296 per Capital Share ($0.1182 per year or approximately 0.641% of the Capital Share offering price of $18.45) assuming the minimum amount of the offerings; and fixed cumulative preferential quarterly cash distributions in the amount of $0.3886 per Preferred Share to yield 4.75% per annum on the original issue price of $32.72 per Preferred Share. The Preferred Shares have been provisionally rated Pfd-2 (low) by Dominion Bond Rating Service Limited.

The syndicate of agents for this offering is being led by National Bank Financial Inc., and includes Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Raymond James Ltd., Desjardins Securities Inc., Blackmont Capital Inc. and Wellington West Capital Inc.

Contact Information

  • First Asset Funds Inc. (the Company's Administrator)
    Rob MacNiven
    Investor Relations
    (416) 642-1289 or 1-877-642-1289
    Website: www.nbsplit.com