Global Dividend Growth fund plans overnight offering of preferreds

Chicago, March 10 – Global Dividend Growth Split Corp. is planning an overnight treasury offering of preferred shares, according to a press release.

The offering will end at 9 a.m. ET on March 11 and settle on March 18.

The preferred shares have a maturity of June 30, 2026, recently extended from June 30, 2021. Currently cumulative preferential quarterly cash distributions are in the amount C$0.125 per share.

The distribution rate from July 1 to maturity will remain unchanged at $0.50 per year.

As regards the recent maturity date extension, shareholders who do not wish to continue their investment in the fund may retract their preferred shares on June 30. The deadline to notify dealers is 5 p.m. ET on May 31.

Preferred shares will be offered at C$10.20 per share for a yield to maturity of 4.8%.

The closing price on the Toronto Stock Exchange on March 9 was C$10.44.

The offering is being led by RBC Capital Markets.

The fund is also conducting an overnight offering of class A stock.

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.

© 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.