Global Dividend Growth completes treasury offering of class A, preferred shares

By Rebecca Melvin

Concord, N.H., March 30 – Global Dividend Growth Split Corp. completed a treasury offering of class A shares and preferred shares for gross proceeds of about C$34.8 million, according to a company press release.

The class A shares were offered at a price of C$11.85 per share for a distribution rate of 10.1% on the issue price.

The preferred shares were offered at C$10.05 per share for a yield to maturity of 5.2%.

The pricing was determined so as to be non-dilutive to the most recently calculated net asset value per unit of the company, calculated March 21, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

The shares will trade on the Toronto Stock Exchange under the existing symbols GDV and GDV.PR.A, respectively.

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 Incorporated and Research Capital Corp.

The company invests in a diversified portfolio of equity securities of large capitalization global dividend growth companies selected by Brompton Funds Ltd. Brompton is an investment fund manager based in Toronto.

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