{"id":42382,"date":"2021-08-08T08:41:35","date_gmt":"2021-08-08T13:41:35","guid":{"rendered":"http:\/\/prefblog.com\/?p=42382"},"modified":"2021-08-08T08:41:35","modified_gmt":"2021-08-08T13:41:35","slug":"dfn-pr-a-got-bigger","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42382","title":{"rendered":"DFN.PR.A Got Bigger"},"content":{"rendered":"

Dividend 15 Split Corp. announced<\/a> (on 2021-4-26):<\/p>\n

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 $10.10 per Preferred Share to yield 5.4% and the Class A Shares will be offered at a price of $8.15 per Class A Share to yield 14.7%. The closing price on the TSX of each of the Preferred Shares and Class A Shares on April 23, 2021 was $10.26 and $8.13, respectively.<\/p>\n

Since inception of the Company, the aggregate dividends declared on the Preferred Shares have been $9.03 per share and the aggregate dividends declared on the Class A Shares have been $23.60 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 $32.63 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
Bank of Montreal<\/td>\n Enbridge 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>\n Sun Life Financial Inc.<\/td>\n TransAlta Corporation<\/td>\n<\/tr>\n<\/table>\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 April 27, 2021. The offering is expected to close on or about April 30, 2021 and is subject to certain closing conditions including approval by the TSX.<\/p><\/blockquote>\n

They later announced<\/a>:<\/p>\n

t has completed the overnight marketing of Preferred Shares and Class A Shares of the Company. Total gross proceeds of the offering are expected to be approximately $82,218,750. <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Dividend 15 Split Corp. announced (on 2021-4-26): 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. The Preferred Shares …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-42382","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42382","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=42382"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42382\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}