|By Marketwired .||
|March 26, 2014 03:26 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 03/26/14 -- Dividend 15 Split Corp. II (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 Preferred Shares will be offered at a price of $10.00 per Preferred Share to yield 5.25% on the issue price and the Class A Shares will be offered at a price of $8.50 per Class A Share to yield 14.12% on the issue price. The closing price on the TSX of each of the Preferred Shares and the Class A Shares on March 25, 2014 was $10.14 and $9.08, respectively.
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 Royal Bank of Canada TransAlta Corporation Commerce CI Financial Corp. Sun Life Financial Inc. TransCanada Corporation
The Company's investment objectives are:
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 March 27, 2014.
A preliminary short form prospectus containing important information relating to the Preferred Shares and the Class A 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 Preferred Shares or the Class A Shares until a receipt for the final short form prospectus has been issued.
Dividend 15 Split Corp. II
416-304-4443 otoll free at 1-877-4-Quadra (1-877-478-2372)
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