Chicago, Oct. 18 – Life & Banc Split Banc Corp. completed a preferred share offering with gross proceeds expected to be approximately C$94 million, according to a press release.
Priced at C$9.60 per share, the yield to maturity is 8.3%.
The par of C$10 shares carry a 7.25% distribution rate from Oct. 31, 2023 to Oct. 30, 2028, according to an earlier press release.
RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank led the offering.
The agents have a 30-day over-allotment option for the standard 15% of preferred shares above the deal size.
The shares will be listed on the Toronto Stock Exchange (TSX: LBSPrA).
The Toronto-based company invests in a portfolio of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies. Brompton was founded in 2000.
Issuer: | Life & Banc Split Banc Corp.
|
Proceeds: | C$94 million
|
Greenshoe: | Yes
|
Issue: | Preferred shares
|
Bookrunners: | RBC Capital Markets (lead), CIBC Capital Markets, National Bank Financial Inc. and Scotiabank
|
Co-managers: | 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.
|
Distribution rate: | 7.25%
|
Price: | C$9.60 per share
|
Yield: | 8.3%
|
Announcement date: | Oct. 18
|
Settlement date: | Oct. 31
|
Distribution: | Canada
|
Symbol: | TSX: LBSPrA
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.