January 10, 2014 09:27 ET
TORONTO, ONTARIO--(Marketwired - Jan. 10, 2014) - Financial 15 Split Corp. (the "Company") is pleased to announce it has completed the overnight marketing of up to 1,531,000 Preferred Shares and up to 1,531,000 Class A Shares. Total proceeds of the offering are expected to be approximately $30 million. The Company has granted the dealers an overallotment of 229,650 units if exercised, bringing the total proceeds to $34.5 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., GMP Securities L.P. and Canaccord Genuity Corp. The sales period of this overnight offering has now ended.
The Preferred Shares were offered at a price of $10.00 per Preferred Share to yield 5.25% and the Class A Shares were offered at a price of $9.60 per Class A Share to yield 15.71%. The closing price of each of the Preferred Shares and the Class A Shares on January 9, 2014 on the TSX was $10.08 and $10.23, respectively.
The proceeds of the secondary offering, net of expenses and the underwriters' fee, will be used by the Company to invest in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows:
The Company's investment objectives are:
Class A Shares:
The Company will today file an amended and restated short form preliminary prospectus in each of the provinces of Canada with respect to the offering. The offering is only made by prospectus. The prospectus contains detailed information about securities being offered. A copy of the amended and restated preliminary short form prospectus is available from one of the syndicate members listed above. Investors should read the prospectus before making an investment decision.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Financial 15 Split Corp.Investor Relations416-304-4443 or Toll free at 1-877-4-Quadra (1-877-478-2372)www.financial15.com
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