Dividend 15 Split Corp. Announces Overnight Offering
13 5월 2014 - 4:29AM
Marketwired Canada
Dividend 15 Split Corp. (the "Company") is pleased to announce that it has filed
a preliminary short form prospectus in each of the provinces of Canada with
respect to an offering of Preferred Shares and Class A Shares of the Company.
The offering will be co-led by National Bank Financial Inc., CIBC, RBC Capital
Markets and will also include BMO Capital Markets, TD Securities Inc., GMP
Securities L.P. and Canaccord Genuity Corp.
The Class A Shares will be offered at a price of $12.00 per Class A Share to
yield 10.0% on the issue price and the Preferred Shares will be offered at a
price of $10.00 per Preferred Share to yield 5.25% on the issue price. The
closing price on the TSX of each of the Class A Shares and Preferred Shares on
May 9, 2014 was $12.17 and $10.26, respectively.
Since the Company commenced on March 16, 2004, it has exceeded its distribution
objectives. The aggregate dividends paid on Class A shares have been $15.60 per
share, representing 121 regular consecutive monthly distributions, plus six
special distributions. The Preferred Shares have received a total of $5.31 per
share for a combined total distribution of $20.91 per unit paid by the Company.
All distributions have been made in tax advantage eligible Canadian dividends or
capital gains dividends.
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
Thomson-Reuters
The Bank of Nova Scotia Manulife Financial Corp. 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
The Company's investment objectives are:
Preferred Shares:
i. to provide holders of the Preferred Shares with fixed, cumulative
preferential monthly cash dividends in the amount of $0.04375 per
Preferred Share to yield 5.25% per annum on the original issue price;
and
ii. on or about December 1, 2019, to pay the holders of the Preferred Shares
the original issue price of those shares.
Class A Shares:
i. to provide holders of the Class A Shares with regular monthly cash
dividends initially targeted to be $0.10 per Class A; and
ii. on or about December 1, 2019, to pay the holders of Class A Shares at
least the original issue price of those shares.
The sales period of this overnight offering will end at 9:00 a.m. (Toronto time)
on May 13, 2014.
A preliminary short form prospectus containing important information relating to
the Class A and Preferred Shares has been filed with securities commissions or
similar authorities in all provinces of Canada. The preliminary short form
prospectus is still subject to completion or amendment. Copies of the
preliminary short form prospectus may be obtained from your registered financial
advisor using the contact information for such advisor, or from representatives
of the underwriters listed above. There will not be any sale or any acceptance
of an offer to buy the Class A or Preferred Shares until a receipt for the final
short form prospectus has been issued.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372)
www.dividend15.com
Dividend 15 Split (TSX:DFN.PR.A)
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Dividend 15 Split (TSX:DFN.PR.A)
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