Financings

Canoe EIT Income Fund Announces $300 Million Issuance of Preferred Units

By The Northwire Desk — AI Analysis Jan 27, 2026 · 22:29 EIT · 16.45 None

EIT · Price

Canoe EIT Income Fund announced a private placement of 12,000,000 cumulative redeemable Series 3 Preferred Units at C$25.00 each, targeting gross proceeds of C$300 million.
The units carry a fixed cumulative preferential cash distribution of C$1.25 per unit per annum (payable quarterly) and have redemption/retraction features beginning in 2030‑2031.
National Bank Financial Inc. is acting as lead underwriter and sole bookrunner; the offering is expected to close on or about February 2, 2026, subject to regulatory approvals.

Offering Size: 12,000,000 Series 3 Preferred Units
Price per Unit: C$25.00 (offering price)
Gross Proceeds Target: C$300 million
Underwriter/Bookrunner: National Bank Financial Inc. (lead underwriter and sole bookrunner)
Distribution Rate: Fixed cumulative preferential cash distribution of C$1.25 per unit per annum, payable quarterly on the 15th day of March, June, September, and December.
Redemption Terms:
On or after February 4, 2030 but before February 3, 2031 – Fund may redeem at C$25.50 per unit (plus accrued unpaid distributions).
On or after February 3, 2031 – Unit holder may retract for cash at C$25.00 per unit (plus accrued unpaid distributions), less applicable taxes.
Listing Status: Units will not be listed on any exchange.
Use of Proceeds: To be employed in accordance with the Fund’s investment objectives and strategies, subject to its investment restrictions.
Closing Date: Expected on or about February 2, 2026, contingent upon receipt of all required regulatory approvals.
Regulatory Note: Units are not and will not be registered under U.S. securities laws; they may not be offered or sold in the United States or to U.S. persons absent an exemption.

(No executive quotes were included in the release.)