Quadravest has announced:
Canadian Banc Corp. (the “Company”) is pleased to announce it will undertake an offering of Preferred Shares (TSX: BK.PR.A) and Class A Shares (TSX: BK) of the Company. The offering will be led by National Bank Financial Inc.
The sales period of this overnight offering will end at 8:30 a.m. (Toronto time) on October 15, 2026. The offering is expected to close on or about October 22, 2026 and is subject to certain closing conditions including approval by the TSX.
The Preferred Shares will be offered at a price of $10.35 per Preferred Share and the Class A Shares will be offered at a price of $15.40 per Class A Share.
The closing price on the TSX of each of the Preferred Shares and Class A Shares on October 13, 2026 was $10.42 and $15.77, respectively.
Since inception of the Company, the aggregate dividends paid on the Preferred Shares have been $11.98 per share and the aggregate dividends paid on the Class A Shares have been $26.64 per share, for a combined total of $38.62 per unit. All distributions paid to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.
The net proceeds of the offering will be used by the Company to invest in a portfolio consisting primarily 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 The Company’s investment objectives are:
Preferred Shares:
i. to provide holders with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the prevailing Canadian prime rate plus 1.50% (minimum annual rate of 5.0% and maximum annual rate of 8.0%) based on original $10 issue price; and
ii. on or about the termination date, currently December 1, 2028 (subject to further 5 year extensions and it has been extended in the past) to pay holders the original $10 issue price of those shares.Class A Shares:
i. to provide holders with regular monthly cash distributions currently targeted to be at the annualized rate of 15% based upon the volume-weighted average trading price of the Class A Shares for the last three trading days of the preceding month; and
ii. on or about the termination date, currently December 1, 2028 (subject to further 5 year extensions and it has been extended in the past) to pay holders the original issue price of those shares.