.jpg)
3 hours ago
3
Article content
TORONTO, June 26, 2026 (GLOBE NEWSWIRE) — North American Financial 15 Split Corp. (the “Company”) is pleased to announce it has completed the overnight marketing of Preferred shares (TSX: FFN.PR.A) of the Company. Total gross proceeds of the offering are expected to be approximately $102.5 million.
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 offering is being led by National Bank Financial Inc.
Article content
Article content
The sales period of this overnight offering has now ended.
Article content
The offering is expected to close on or about July 6, 2026 and is subject to certain closing conditions including approval by the TSX.
Article content
Article content
The Preferred shares are being offered at a price of $10.90 per Preferred share. The closing price on the TSX of the Preferred shares on June 25, 2026 was $11.14.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The net proceeds of the offering will be used by the Company to invest in an actively managed, high quality portfolio primarily consisting of financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial Inc., Great-West Lifeco, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
Article content
The Company’s Preferred share investment objectives are:
Article content
- effective December 1, 2025, to provide holders of the Preferred shares with fixed, cumulative monthly dividends at an annual rate of 7.50%, as determined annually by the Board of Directors, and subject to a minimum rate of 7.00% until 2029; and
- on or about the termination date, currently December 1, 2029 (subject to further 5-year extensions thereafter), to pay the holders of the Preferred shares $10.00 per Preferred share.
Article content
Article content
This Preferred share offering corresponds with a split of the Company’s Class A shares (“Share Split”). The Class A shareholders (TSX: FFN) of record at the close of business on July 3, 2026 will receive 10 additional Class A shares for every 100 Class A shares held, pursuant to the Share Split. The Share Split was announced concurrently with the Preferred share offering on June 25, 2026 and is subject to approval by the Toronto Stock Exchange.
Article content
A prospectus supplement to the Company’s short form base shelf prospectus dated September 6, 2024, containing important detailed information about the Preferred 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. 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.financial15.com [email protected]
Article content
Article content
Article content
Article content
Article content
Article content
English (US)