PrefBlog

Dividend 15 Split Corp. announced on December 21 that it:

completed its secondary offering of 2,500,000 Preferred Shares and 2,500,000 Class A Shares of the Company for aggregate gross proceeds of $55,000,000, bringing the Company’s net assets to approximately $326 million. Shares will continue to trade on the Toronto Stock Exchange under the existing symbols DFN (Class A Shares) and DFN.PR.A (Preferred Shares).

The Preferred Shares were offered at a price of $10.00 per share to yield 5.25% based on current distribution policy. The Class A Shares were offered at a price of $12.00 per share to yield 10.00% based on current distribution policy. RBC Capital Markets and CIBC World Markets were co-lead agents for the offering.

Additionally, they announced on January 7 that they:

issued an additional 157,000 Class A Shares and 157,000 Preferred Shares of the Company for aggregate gross proceeds of $3,454,000. This brings the Company’s net assets to approximately $328 million. The additional shares trade on the Toronto Stock Exchange under the existing symbols DFN (Class A Shares) and DFN.PR.A (Preferred Shares).

DFN.PR.A was last mentioned on PrefBlog when the offering was announced. DFN.PR.A is tracked by HIMIPref™, but is relegated to the Scraps index on credit concerns.

This entry was posted on Sunday, January 16th, 2011 at 12:41 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.