BK announced successful offering complete Canadian Banc Corp. Announces Successful Overnight Offering
TORONTO, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (the "Company') is pleased to announce it has completed the overnight marketing of Preferred Shares and Class A Shares of the Company. Total gross proceeds of the offering are expected to be approximately $40.3 million.
The offering is being led by National Bank Financial Inc.
The sales period of the overnight offering has now ended.
The offering is expected to close on or about February 24, 2022 and is subject to certain closing conditions including approval by the TSX.
The Preferred Shares are being offered at a price of $10.35 per Preferred Share to yield 4.8% and the Class A Shares are being offered at a price of $15.75 per Class A Share with a target yield of 15.0%.
The closing price on the TSX of each of the Preferred Shares and the Class A Shares on February 15, 2022 was $10.49 and $15.79, respectively.
The net proceeds of the offering will be used by the Company to invest in a portfolio of six publicly traded Canadian Banks as follows:
| | Bank of Montreal | Canadian Imperial Bank of Commerce | Royal Bank of Canada |
| | The Bank of Nova Scotia | National Bank of Canada | The Toronto-Dominion Bank |