Core Points - Canadian Banc Corp. has successfully completed an overnight offering of Preferred Shares, raising total gross proceeds of $62.7 million [1] - The Preferred Shares will trade on the Toronto Stock Exchange under the symbol BK.PR.A [1] Investment Portfolio - The net proceeds from the offering will be invested in a portfolio primarily consisting of six publicly traded Canadian banks: Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, The Bank of Nova Scotia, National Bank of Canada, and The Toronto-Dominion Bank [2] Investment Objectives - The investment objectives for the Preferred Shares include providing holders with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the prevailing Canadian prime rate plus 1.50%, with a minimum annual rate of 5.0% and a maximum annual rate of 8.0% based on the original $10 issue price [3] - On or about the termination date, currently set for December 1, 2028, the company aims to pay holders the original $10 issue price of those shares, subject to potential five-year extensions [3]
Canadian Banc Corp. Completes Overnight Offering of $62,700,000