An anonymous director reports
CANADIAN BANC CORP. COMPLETES OVERNIGHT OFFERING OF $85,005,200
Canadian Banc Corp. has completed the overnight offering of preferred shares of the company. Total gross proceeds of the offering were $85-million.
The preferred shares will begin trading on the Toronto Stock Exchange under the existing symbol of BK.PR.A.
The preferred shares were offered at a price of $9.80 per preferred share to yield 8.16 per cent.
The offering was led by National Bank Financial Inc.
The net proceeds of the offering will be used by the company to invest in a portfolio consisting primarily of six publicly traded Canadian banks as follows:
- Bank of Montreal;
- Canadian Imperial Bank of Commerce;
- Royal Bank of Canada;
-
The Bank of Nova Scotia;
- National Bank of Canada;
- The Toronto-Dominion Bank.
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