TORONTO, ONTARIO--(Marketwired - May 28, 2014) - Dividend 15 Split Corp. (the "Company") is pleased to announce that it has completed an overnight offering of 2,875,000 Class A Shares and 2,875,000 Preferred Shares. Total gross proceeds of the offering were $63.3 million, bringing the Company's net assets to approximately $515 million. The shares will trade on the Toronto Stock Exchange under the existing symbols DFN.PR.A (Preferred shares) and DFN (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 the Class A Shares were offered at a price of $12.00 per Class A Share targeting to yield 10.0% annually based on the current distribution policy.
The offering was co-led by National Bank Financial Inc., CIBC and RBC Capital Markets and also includes BMO Capital Markets, TD Securities Inc., GMP Securities L.P. and Canaccord Genuity Corp.
The net proceeds of the secondary offering will be used by the Company to invest in an actively managed portfolio of dividend-yielding common shares which includes each of the 15 Canadian companies listed below:
| Bank of Montreal |
|
Enbridge Inc. |
|
TELUS Corporation |
| The Bank of Nova Scotia |
|
Manulife Financial Corp. |
|
Thomson-Reuters Corporation |
| BCE Inc. |
|
National Bank of Canada |
|
The Toronto-Dominion Bank |
| Canadian Imperial Bank of Commerce |
|
Royal Bank of Canada |
|
TransAlta Corporation |
| CI Financial Corp. |
|
Sun Life Financial Inc. |
|
TransCanada Corporation |
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.