.jpg)
1 hour ago
2
Article content
TORONTO, May 27, 2026 (GLOBE NEWSWIRE) — Canadian Banc Corp. (the “Company”) 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.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
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.
Article content
Article content
The Preferred Shares will be offered at a price of $10.33 per Preferred Share.
Article content
Article content
The closing price on the TSX of the Preferred Shares on May 26, 2026 was $10.38.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
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.
Article content
Effective October 9, 2025, the DBRS rating on the Preferred Shares is Pfd-3 (low).
Article content
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:
Article content
| Bank of Montreal | Canadian Imperial Bank of Commerce | Royal Bank of Canada |
| The Bank of Nova Scotia | National Bank of Canada | The Toronto-Dominion Bank |
Article content
The Company’s Preferred Share investment objectives are to:
Article content
- 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
- 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.
Article content
Article content
A prospectus supplement to the Company’s short form base shelf prospectus dated June 18, 2025, containing important detailed information about the Preferred Shares and the Class A Shares being offered will be filed with securities commissions or similar authorities in all provinces of Canada. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the agents listed above. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the Securities Commissions or similar authorities in each of the provinces of Canada.
Article content
Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.canadianbanc.com
[email protected]
Article content
Article content
Article content
Article content
Article content
Article content
English (US)