{"id":41937,"date":"2021-02-09T20:08:29","date_gmt":"2021-02-10T01:08:29","guid":{"rendered":"http:\/\/prefblog.com\/?p=41937"},"modified":"2021-02-09T20:08:29","modified_gmt":"2021-02-10T01:08:29","slug":"dfn-pr-a-to-get-bigger-13","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41937","title":{"rendered":"DFN.PR.A To Get Bigger"},"content":{"rendered":"

Quadravest has announced<\/a>:<\/p>\n

Dividend 15 Split Corp. (the \u201cCompany\u201d) is pleased to announce it will undertake an offering of Preferred Shares and Class A Shares of the Company. The offering will be led by National Bank Financial Inc.<\/p>\n

The Preferred Shares will be offered at a price of $10.00 per Preferred Share to yield 5.5% and the Class A Shares will be offered at a price of $7.15 per Class A Share to yield 16.8%.<\/p>\n

The closing price on the TSX of each of the Preferred Shares and Class A Shares on February 8, 2021 was $10.33 and
\n$7.20, respectively.<\/p>\n

Since inception of the Company, the aggregate dividends declared on the Preferred Shares have been $8.89 per share and the aggregate dividends declared on the Class A Shares have been $23.30 per share (including five special distributions of $0.25 per share, one special distribution of $0.50 per share and one special stock dividend of $1.75 per share), for a combined total of $32.19 per unit. All distributions paid to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.<\/p>\n

The net proceeds of the offering will be used by the Company to invest in an actively managed, high quality portfolio consisting of 15 dividend yielding Canadian companies as follows:<\/p>\n

\n\n\n\n\n\n\n
Bank of Montreal<\/td>\nEnbridge Inc.<\/td>\n TC Energy<\/td>\n<\/tr>\n
The Bank of Nova Scotia<\/td>\n Manulife Financial Corp.<\/td>\nTELUS Corporation<\/td>\n<\/tr>\n
BCE Inc.<\/td>\n National Bank of Canada<\/td>\n Thomson Reuters Corp.<\/td>\n<\/tr>\n
Canadian Imperial Bank of Commerce<\/td>\n Royal Bank of Canada<\/td>\n The Toronto-Dominion Bank<\/td>\n<\/tr>\n
CI Financial Corp.<\/td>\nSun Life Financial Inc. <\/td>\nTransAlta Corporation <\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Preferred Shares:
\ni. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends in the
\namount of 5.50% annually; and
\nii. on or about the termination date, currently December 1, 2024 (subject to further 5 year extensions thereafter and it has been extended in the past), to pay the holders of the Preferred Shares $10.00 per Preferred Share.<\/p>\n

Class A Shares:
\ni. to provide holders of the Class A Shares with regular monthly cash dividends currently targeted to be $0.10 per
\nshare; and
\nii. on or about the termination date, currently December 1, 2024 (subject to further 5 year extensions thereafter and it has been extended in the past) to pay holders of Class A Shares at least the original issue price of those shares.<\/p>\n

The sales period of this overnight offering will end at 9:00 a.m. EST on February 10, 2021. The offering is expected to close on or about February 17, 2021 and is subject to certain closing conditions including approval by the TSX.<\/p><\/blockquote>\n

The NAVPU as of January 29<\/a> was 15.54 and Whole Units are being offered at 17.15 so, ignoring interim valuation changes, the premium is 10.4% … not a bad business to be in at all!<\/p>\n

Update, 2021-2-17<\/b>: The offering was very successful<\/a>:<\/p>\n

Dividend 15 Split Corp. (the \u201cCompany\u201d) is pleased to announce it has completed the overnight offering of Preferred Shares and Class A Shares of the Company. Total gross proceeds of the offering were $92.2 million, bringing the Company\u2019s net assets to approximately $1.0 billion. <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Quadravest has announced: Dividend 15 Split Corp. (the \u201cCompany\u201d) is pleased to announce it will undertake an offering of Preferred Shares and Class A Shares of the Company. The offering will be led by National …<\/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-41937","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41937","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=41937"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41937\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}