{"id":51948,"date":"2026-05-27T21:40:47","date_gmt":"2026-05-28T01:40:47","guid":{"rendered":"https:\/\/prefblog.com\/?p=51948"},"modified":"2026-05-27T21:40:47","modified_gmt":"2026-05-28T01:40:47","slug":"bk-pr-a-to-get-bigger-4","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51948","title":{"rendered":"BK.PR.A To Get Bigger"},"content":{"rendered":"

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

Canadian Banc Corp. (the \u201cCompany\u201d) is pleased to announce
\nit will undertake an offering of Preferred Shares (TSX: BK.PR.A) of the Company. The offering will be led by National Bank Financial Inc.<\/p>\n

The sales period of this overnight offering will end at 8:30 a.m. EST on May 28, 2026. The offering is expected to close on or about June 4, 2026 and is subject to certain closing conditions including approval by the TSX.<\/p>\n

The Preferred Shares will be offered at a price of $10.33 per Preferred Share. The closing price on the TSX of the Preferred Shares on May 26, 2026 was $10.38.<\/p>\n

Since the inception of the Company, 250 consecutive dividends have been declared for the Preferred Shares. The aggregate dividends declared on the Preferred Shares total $11.78 per share. All distributions to date have been made in tax advantaged eligible Canadian dividends.<\/p>\n

Effective October 9, 2025, the DBRS rating on the Preferred Shares is Pfd-3 (low).<\/p>\n

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:<\/p>\n

\n\n\n\n
Bank of Montreal<\/td>\n Canadian Imperial Bank of Commerce<\/td>\nRoyal Bank of Canada<\/td>\n<\/tr>\n
The Bank of Nova Scotia<\/td>\n National Bank of Canada<\/td>\n The Toronto-Dominion Bank<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The Company\u2019s Preferred Share investment objectives are to:
\ni. 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
\nii. 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.<\/p><\/blockquote>\n

This follows their May 12 announcement<\/a> of a 110-new-for-100-old split of the Capital Units:<\/p>\n

Canadian Banc Corp. (the \u201cCompany\u201d) is pleased to announce its intention to complete a share split of its Class A shares (the \u201cShare Split\u201d) due to the Company\u2019s strong performance. The Class A shareholders of record at the close of business on May 19, 2026 will receive 10 additional Class A shares for every 100 Class A shares held, pursuant to the Share Split. The Share Split is subject to approval by the Toronto Stock Exchange (the \u201cTSX\u201d).<\/p>\n

Class A shareholders will continue to receive monthly cash distributions targeted to be at the rate of 15% annualized based on the volume weighted average market price of the Class A shares for the last 3 trading days of the preceding month following the Share Split. Since inception, Class A shareholders have received cash distributions of $25.65 per share.<\/p>\n

The Class A shares are expected to commence trading on an ex-split basis at the opening of trading on May 19, 2026. No fractional Class A shares will be issued, and the number of Class A shares each holder shall receive will be rounded down to the nearest whole number. The Share Split is a nontaxable event.<\/p>\n

The impact of the Share Split will be reflected in the net asset value per unit as at May 29, 2026. <\/p>\n

The Company invests in a portfolio primarily consisting of six publicly traded Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares held within the portfolio are expected to range between 5-20% in weight but may vary at any time. To generate additional returns above the dividend income earned on the portfolio, the Company engages in a selective covered call writing program.<\/p>\n

This news release constitutes a \u201cdesignated news release\u201d for the purposes of the Company\u2019s prospectus supplement dated June 19, 2025, to its short form base shelf prospectus dated June 18, 2025.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Quadravest has announced: Canadian Banc Corp. (the \u201cCompany\u201d) is pleased to announce it will undertake an offering of Preferred Shares (TSX: BK.PR.A) of the Company. The offering will be led by National Bank Financial Inc. …<\/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-51948","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51948","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=51948"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51948\/revisions"}],"predecessor-version":[{"id":51951,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51948\/revisions\/51951"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}