|By Marketwired .||
|August 8, 2014 08:24 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/08/14 -- Financial 15 Split Corp. II (the "Company") is pleased to announce it has completed an overnight offering of 1,955,000 Preferred Shares and 1,955,000 Class A Shares. Total gross proceeds of the offering were $35.2 million, bringing the Company's net assets to approximately $124.5 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 $10.00 per Preferred Share to yield 5.25% on the issue price, and the Class A Shares were offered at a price of $8.00 per Class A Share targeting to yield 15% annually based on the current distribution policy.
The offering was co-led by National Bank Financial Inc., CIBC, RBC Capital Markets and also included BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp. and Raymond James.
The net proceeds of the secondary offering 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:
Bank of Montreal National Bank of Canada Bank of America Corp. The Bank of Nova Scotia Manulife Financial Citigroup Inc. Canadian Imperial Bank Corporation Goldman Sachs Group Inc. of Commerce Sun Life Financial JP Morgan Chase & Co. Royal Bank of Canada Services of Canada Inc. Wells Fargo & Co. The Toronto-Dominion Great-West Lifeco Inc. Bank CI Financial Corp.
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. Please read the Company's publically filed documents which are available at www.sedar.com.
Financial 15 Split Corp. II
416-304-4443 or Toll free at 1-877-4-Quadra (1-877-478-2372)