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Press release from CNW Group

5Banc Split Inc. Announces Closing of Class C Preferred Share, Series 1 Offering

Thursday, December 15, 2011

5Banc Split Inc. Announces Closing of Class C Preferred Share, Series 1 Offering08:54 EST Thursday, December 15, 2011/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./TORONTO, Dec. 15, 2011 /CNW/ - 5Banc Split Inc. (the "Company") announced today that it has completed an offering of 2,580,135 Class C preferred shares, series 1 (the "Class C Preferred Shares") at a price of $10.00 per Class C Preferred Share raising gross proceeds of approximate $25.8 million. The Class C Preferred Shares were offered on a best efforts basis by a syndicate of agents led by TD Securities Inc. which included Scotia Capital Inc., BMO Capital Markets and National Bank Financial Inc.The Company holds a portfolio of publicly listed common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and The Toronto-Dominion Bank in order to provide holders of the Class C Preferred Shares with fixed cumulative preferential dividends and to provide holders of its Class B capital shares (the "Capital Shares") with a leveraged investment and excess dividends, if any, subject to the prior rights of holders of Class C Preferred Shares and after payment of the expenses of the Company and dividends payable on the Class C Preferred Shares.The Class C Preferred Shares and the Capital Shares are listed and posted for trading on the Toronto Stock Exchange under the symbols FBS.PR.C and FBS.B, respectively. The Class C Preferred Shares are rated Pfd-2 (low) by DBRS Limited. The Class B preferred shares of the Company have been redeemed today in accordance with their terms.This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund offered have not been registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.For further information: Investor Relations 416-982-2680