{"id":26031,"date":"2014-08-10T17:49:26","date_gmt":"2014-08-10T22:49:26","guid":{"rendered":"http:\/\/prefblog.com\/?p=26031"},"modified":"2014-08-10T17:49:26","modified_gmt":"2014-08-10T22:49:26","slug":"ffn-pr-a-completes-overnight-offering","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26031","title":{"rendered":"FFN.PR.A Completes Overnight Offering"},"content":{"rendered":"<p>Quadravest <a href=\"http:\/\/financial15.com\/pdf\/FFN\/FFN%20Aug8.14-OfferingCloseFINAL.pdf\">has announced<\/a>:<\/p>\n<blockquote><p>Financial 15 Split Corp. II (the \u201cCompany\u201d) is pleased to announce it has completed an overnight offering of 1,955,000 Preferred Shares and 1,955,000 Class A Shares. Total gross proceeds of the offering were $35.2 million, bringing the Company\u2019s net assets to approximately $124.5 million. The shares will trade on the Toronto Stock Exchange under the existing symbols of FFN.PR.A (Preferred shares) and FFN (Class A shares).<\/p>\n<p>The Preferred Shares were offered at a price of $10.00 per Preferred Share to yield 5.25% on the issue price, and the Class A Shares were offered at a price of $8.00 per Class A Share targeting to yield 15% annually based on the current distribution policy.<\/p>\n<p>The offering was co-led by National Bank Financial Inc., CIBC, RBC Capital Markets and also included BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp. and Raymond James.<\/p>\n<p>The net proceeds of the secondary offering will be used by the Company to invest in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows:<\/p>\n<div align=\"center\">\n<table>\n<tr>\n<td>Bank of Montreal<\/td>\n<td> National Bank of Canada<\/td>\n<td> Bank of America Corp.<\/td>\n<\/tr>\n<tr>\n<td>The Bank of Nova Scotia<\/td>\n<td> Manulife Financial Corporation<\/td>\n<td> Citigroup Inc.<\/td>\n<\/tr>\n<tr>\n<td>Canadian Imperial Bank of Commerce<\/td>\n<td> Sun Life Financial Services of Canada<\/td>\n<td> Goldman Sachs Group Inc.<\/td>\n<\/tr>\n<tr>\n<td>Royal Bank of Canada<\/td>\n<td> Great-West Lifeco Inc. <\/td>\n<td>JP Morgan Chase &#038; Co.<\/td>\n<\/tr>\n<tr>\n<td>The Toronto-Dominion Bank<\/td>\n<td> CI Financial Corp.<\/td>\n<td> Wells Fargo &#038; Co.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<\/blockquote>\n<p>FFN.PR.A was last mentioned on PrefBlog when <a href=\"http:\/\/prefblog.com\/?p=25249\">shareholders voted for a term extension<\/a> last May.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quadravest has announced: Financial 15 Split Corp. II (the \u201cCompany\u201d) is pleased to announce it has completed an overnight offering of 1,955,000 Preferred Shares and 1,955,000 Class A Shares. Total gross proceeds of the offering &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-26031","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26031"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26031\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}