An anonymous director reports
LIFE & BANC SPLIT CORP. COMPLETES PREFERRED SHARE OFFERING
Life & Banc Split Banc Corp. has completed the previously announced treasury offering of preferred shares for aggregate gross proceeds of approximately $94-million. The preferred shares will trade on the Toronto Stock Exchange under the existing symbol LBS.PR.A.
The preferred shares were offered at a price of $9.60 per preferred share for a yield to maturity of 8.3 per cent. The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank, and included Hampton Securities Ltd., Canaccord Genuity Corp., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Echelon Wealth Partners Inc., Manulife Securities Inc., Research Capital Corp. and Richardson Wealth Ltd.
The company invests in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:
- Manulife Financial Corp.;
- Bank of Montreal;
-
Sun Life Financial Inc.;
- The Toronto-Dominion Bank;
-
iA Financial Corp. Inc.;
- National Bank of Canada;
-
Royal Bank of Canada;
- The Bank of Nova Scotia;
-
Great-West Lifeco Inc.;
- Canadian Imperial Bank of Commerce.
We seek Safe Harbor.
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