Financial 15 Split closes overnight offering

Executive Summary

• Financial 15 Split Corp. has completed an overnight offering of preferred shares (FTN.PR.A), raising approximately $92.2 million in gross proceeds.
• The shares were priced at $10.60 each, led by National Bank Financial Inc., with closing expected on or about November 25, 2025, subject to TSX approval.
• Net proceeds will be invested in an actively managed portfolio of Canadian and U.S. financial services companies, with dividends set at a fixed, cumulative monthly rate of 7.25% (minimum 6.00% until 2030).

Key Details

• Gross Proceeds: Approximately $92.2 million.
• Security Type: Preferred Shares (Ticker: FTN.PR.A).
• Offering Price: $10.60 per preferred share.
• Lead Underwriter: National Bank Financial Inc.
• Closing Date: Expected on or about November 25, 2025.
• Regulatory Conditions: Subject to closing conditions, including approval by the Toronto Stock Exchange (TSX).
• Use of Proceeds: Investment in an actively managed, high-quality portfolio consisting of Canadian and U.S. financial services issuers.
• Dividend Terms:
  • Effective December 1, 2025, fixed, cumulative monthly dividends at an annual rate of 7.25%.
  • Rate determined annually by the board of directors.
  • Minimum rate of 6.00% until 2030 (previously 8.50% with a five-year minimum of 5.50%).
• Redemption/Termination:
  • Termination date currently set for December 1, 2030 (subject to further five-year extensions).
  • Redemption price of $10.00 per preferred share upon termination.
• Market Context: Closing price of FTN.PR.A on the TSX on November 17, 2025, was $10.72.
• Documentation: A prospectus supplement to the short form base shelf prospectus dated December 19, 2023, will be filed with securities commissions in all Canadian provinces.