Dividend 15 Split Corp. Announces Overnight Offering

TORONTO, ONTARIO -- (Marketwired) -- 08/09/17 -- Dividend 15 Split Corp. (the "Company") is pleased to announce it has filed a preliminary short form prospectus in each of the provinces of Canada with respect to an offering of Preferred Shares and Class A Shares of the Company. The offering will be co-led by National Bank Financial Inc., CIBC, Scotia Capital Inc., RBC Capital Markets and will also include BMO Capital Markets, TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James, Desjardins Securities Inc., Echelon Wealth Partners, Industrial Alliance Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated.

The Preferred Shares will be offered at a price of $10.00 per Preferred Share to yield 5.25% and the Class A Shares will be offered at a price of $10.90 per Class A Share to yield 11.01%. The closing price on the TSX of each of the Preferred Shares and the Class A Shares on August 8, 2017 was $10.31 and $11.15, respectively.

Since inception of the Company, the aggregate dividends declared on the Preferred Shares have been $7.02 per share and the aggregate dividends declared on the Class A Shares have been $19.50 per share (including five special distributions of $0.25 per share, one special distribution of $0.50 per share and one special stock dividend of $1.75 per share), for a combined total of $26.52 per unit.

All distributions to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.

The net proceeds of the offering will be used by the Company to invest in an actively managed, high quality portfolio consisting of 15 dividend yielding Canadian companies as follows:

Bank of Montreal         Enbridge Inc.             TELUS Corporation
The Bank of Nova Scotia  Manulife Financial Corp.  Thomson-Reuters
                                                   Corporation
BCE Inc.                 National Bank of Canada   The Toronto-Dominion Bank
Canadian Imperial Bank   Royal Bank of Canada      TransAlta Corporation
 of Commerce
CI Financial Corp.       Sun Life Financial Inc.   TransCanada Corporation

The Company's investment objectives are:

Preferred Shares:

i.  to provide holders of the Preferred Shares with fixed, cumulative
    preferential monthly cash dividends in the amount of 5.25% annually; and
ii. on or about the termination date, currently December 1, 2019 (subject to
    further 5 year extensions thereafter), to pay the holders of the
    Preferred Shares $10.00 per Preferred Share.

Class A Shares:

i.  to provide holders of the Class A Shares with regular monthly cash
    dividends currently targeted to be $0.10 per share; and
ii. on or about the termination date, currently December 1, 2019 (subject to
    further 5 year extensions thereafter) to pay holders of Class A Shares
    at least the original issue price of those shares.

The sales period of this overnight offering will end at 9:00 a.m. EST on August 10, 2017.

A preliminary short form prospectus containing important information relating to the Preferred Shares and the Class A Shares has been filed with securities commissions or similar authorities in all provinces of Canada. The preliminary short form prospectus is still subject to completion or amendment. Copies of the preliminary short form prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the underwriters listed above. There will not be any sale or any acceptance of an offer to buy the Preferred Shares or the Class A Shares until a receipt for the final short form prospectus has been issued.

Contacts:
Dividend 15 Split Corp. Investor Relations
416-304-4443
Toll free at 1-877-4-Quadra (1-877-478-2372)
www.dividend15.com

Source: Dividend 15 Split Corp.

You May Also Be Interested In

• Tyson Foods prices $1B senior notes offering due 2031 and 2037
• Tenant Inc. and TractIQ Partner to Bring Competitive Intelligence to Self Storage Operators
• Olympia Financial Group Inc. Announces Second Quarter 2026 Results