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Financings

Financial 15 Split Corp. Announces Overnight Offering of Preferred Shares

By The Northwire Desk — AI Analysis Nov 17, 2025 · 15:44 FTN · 10.9 FINANCIAL 15 SPLIT CORP. CL 'A'
FTN · Price

Executive Summary

  • Financial 15 Split Corp. announced an overnight offering of its preferred shares at $10.60 per share, led by National Bank Financial Inc., with expected closing around November 25, 2025.
  • The net proceeds will be used to build a diversified portfolio of Canadian and U.S. financial‑services companies.
  • The preferred shares carry a fixed cumulative monthly dividend rate of 7.25% (minimum 6.00%) through 2030 and a redemption price of $10.00 per share at termination.

Key Details

  • Offering Terms: Preferred Shares offered at $10.60 each; sales period ends 9:00 a.m. EST on November 18, 2025; expected close ≈ November 25, 2025, subject to TSX approval and other closing conditions.
  • Lead Manager: National Bank Financial Inc.
  • Pricing Context: Closing price of the preferred shares on TSX on November 14, 2025 was $10.72.
  • Dividend History: 263 consecutive dividends declared since inception; aggregate dividends to date total $12.83 per share, paid as tax‑advantaged eligible Canadian dividends.
  • Use of Proceeds: To invest in an actively managed portfolio of high‑quality financial services companies, including:
  • Bank of Montreal, National Bank of Canada, Bank of America Corp.
  • The Bank of Nova Scotia, Manulife Financial Corporation, Citigroup Inc.
  • Canadian Imperial Bank of Commerce, Sun Life Financial Services of Canada Inc., Goldman Sachs Group Inc.
  • Royal Bank of Canada, Great‑West Lifeco Inc., JP Morgan Chase & Co.
  • Toronto‑Dominion Bank, Wells Fargo & Co. (U.S.)
  • Preferred Share Terms: Effective December 1, 2025 – fixed cumulative monthly dividend at an annual rate of 7.25% (minimum 6.00%) until 2030; redemption price $10.00 per share on or about December 1, 2030 (subject to possible five‑year extensions).
  • Regulatory Filing: Prospectus supplement to the short‑form base shelf prospectus dated December 19, 2023 will be filed with Canadian securities commissions; no sale may occur until filing is complete.

Notable Quotes

(No executive quotes were provided in the release.)

Read the original news release →

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