SBN.PR.A Issues Additional Shares

S Split Corp announced today:

that it has completed an issuance of additional Shares at prices of $15.00 per Class A Share and $10.00 per Preferred Share for additional gross proceeds of $6.25 million pursuant to the exercise of the over-allotment option granted to the Company’s agents in its recently completed initial public offering. All together, the Company has raised total gross proceeds of $118.75 million under the offering. The Class A Shares and the Preferred Shares are listed on the Toronto Stock Exchange under the symbols SBN and SBN.PR.A, respectively.

SBN.PR.A commenced trading May 17.

2 Responses to “SBN.PR.A Issues Additional Shares”

  1. […] DBRS released its official rating of Pfd-2(low) for this issue today: The Company will aim to provide the Class A Shareholders with regular monthly cash distributions in an amount targeted to be 6.00% per annum on the net asset value (NAV) of the Class A Shares. No distributions will be paid to the Class A Shares if the asset coverage available to the Preferred Shares drops below 1.65. Furthermore, no special distributions will be paid to the Class A Shares if the payment would drop the Company NAV to less than $25 per unit; however, special distributions may be made to mitigate any potential tax liabilities to the Company. […]

  2. […] SBN.PR.A has announced a normal course issuer bid, less than six weeks after issuing additional shares and less than two months after closing the new issue. It’s not clear how seriously this press release is meant to be taken … there’s not a lot of discount in market-to-NAV for the units … which is why I’m not dignifying the release with its own post. […]

Leave a Reply

You must be logged in to post a comment.