Date Closed

March 30, 2022

Lead Office

Toronto

Value

56.80 Million CAD

On March 30, 2022, Financial 15 Split Corp. completed the C$56.8 million overnight offering of Preferred Shares and Class A Shares of the Company, bringing the Company’s net assets to approximately C$561.2 million. The shares will begin trading on the Toronto Stock Exchange under the existing symbols of FTN.PR.A (Preferred Shares) and FTN (Class A Shares).

The Preferred Shares were offered at a price of C$10.35 per Preferred Share to yield 6.5% and the Class A Shares were offered at a price of C$11.85 per Class A Share to yield 12.7%. The offering was led by National Bank Financial Inc.

McCarthy Tétrault LLP advised National Bank Financial Inc. with a team led by Andrew Armstrong that included Michael Eldridge, Paul Santache (Business), Fred Purkey and Gabrielle Richards (Tax).