An anonymous director reports
NORTH AMERICAN FINANCIAL 15 SPLIT CORP. COMPLETES OVERNIGHT OFFERING OF $87,729,200
North American Financial 15 Split Corp. has completed the overnight offering of preferred shares and Class A shares of the company. Total gross proceeds of the offering were $87.7-million, bringing the company's net assets to approximately $710.9-million.
The shares will begin trading 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 $10.05 per preferred share to yield 6.7 per cent and the Class A shares were offered at a price of $7.75 per Class A share to yield 17.5 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 an actively managed, high-quality portfolio consisting of 15 financial services companies made up of Canadian and United States issuers as follows:
- 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.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus supplement to the company's short form base shelf prospectus dated July 3, 2020, as amended Sept. 27, 2021, before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the company's publicly filed documents which are available at SEDAR.
© 2022 Canjex Publishing Ltd. All rights reserved.