Date Closed

January 28, 2022

Lead Office

Toronto

Value

87.70 Million CAD

On January 28, 2022, North American Financial 15 Split Corp. completed the C$87.7 million overnight offering of Preferred Shares and Class A Shares of the Company, bringing the Company’s net assets to approximately C$710.9 million. The shares will begin trading on the Toronto Stock Exchange under the existing symbols of FFN.PR.A (Preferred Shares) and FFN (Class A Shares).

The Preferred Shares were offered at a price of C$10.05 per Preferred Share to yield 6.7% and the Class A Shares were offered at a price of C$7.75 per Class A Share to yield 17.5%. 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).