An anonymous director reports
NORTH AMERICAN FINANCIAL 15 SPLIT CORP. COMPLETES OVERNIGHT OFFERING OF $62,888,100
North American Financial 15 Split Corp. has completed the overnight offering of 3,363,000 preferred shares and 3,363,000 Class A shares of the company. Total gross proceeds of the offering were $62.9-million, bringing the company's net assets to approximately $325.9-million. The shares will trade on the Toronto Stock Exchange under the existing symbols of FFN.PR.A (preferred shares) and FFN (Class A shares).
The preferred shares were offered at a price of $9.90 per preferred share to yield 5.6 per cent and the Class A shares were offered at a price of $8.80 per Class A share to yield 13.6 per cent.
The offering was co-led by National Bank Financial Inc., CIBC, Scotia Capital Inc., RBC Capital Markets and also included TD Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., Industrial Alliance Securities Inc., Echelon Wealth Partners, GMP Securities LP, Raymond James, Desjardins Securities Inc., Mackie Research Capital Corp. and Manulife Securities Inc.
The net proceeds of the offering will be used by the company to invest in an actively managed, high-quality portfolio consisting of 15 financial services companies made up of Canadian and United States issuers as shown in the attached table.
Bank of Montreal National Bank of Canada Bank of America Corp.
The Bank of Nova Scotia Manulife Financial Corp. Citigroup Inc.
Canadian Imperial Bank of Commerce Sun Life Financial Services of Canada Inc. Goldman Sachs Group Inc.
Royal Bank of Canada Great-West Lifeco Inc. JP Morgan Chase & Co.
The Toronto-Dominion Bank CI Financial Corp. Wells Fargo & Co.
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