FTN.PR.A To Get Bigger

Hard on the heels of the DFN.PR.A enlargement, Financial 15 Split Corp. has announced:

it has filed a short form prospectus in each of the provinces of Canada with respect to an additional offering of Preferred Shares and Class A Shares. The offering will be available through a group of underwriters, co-led by RBC Capital Markets and CIBC World Markets. The Company will file an amended and restated prospectus shortly outlining the offering prices set forth below.

The Preferred Shares will be offered at a price of $10.00 per share to yield 5.25% based on current distribution policy. The closing price of the Preferred Shares on March 25, 2010 on the TMX was $10.41.

The Class A Shares will be offered at a price of $9.75 per share to yield 15.5% based on current distribution policy. The closing price of the Class A Shares on March 25, 2010 on the TMX was $10.40.

The proceeds from the re-opening of Financial 15, net of expenses and Agents’ fees, will be used by Financial 15 to invest in an actively managed portfolio of 15 financial services companies made up of 10 Canadian and 5 U.S. issuers

The Net Asset Value Per Unit was 17.84 on March 15.

FTN.PR.A was last mentioned on PrefBlog when it was upgraded to Pfd-3 by DBRS.

FTN.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.

One Response to “FTN.PR.A To Get Bigger”

  1. […] was last mentioned when the treasury offering was announced. FTN.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit […]

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