Financial 15 Split arranges preferred share offering

Executive Summary

• Financial 15 Split Corp. announced an overnight offering of preferred shares led by National Bank Financial Inc., with sales ending on November 18, 2025, and expected closing on or about November 25, 2025.
• The preferred shares are priced at $10.60 per share, below the recent TSX closing price of $10.72.
• Net proceeds will be invested in an actively managed portfolio of Canadian and U.S. financial services issuers.

Key Details

• Offering Structure: Overnight offering of preferred shares.
• Lead Underwriter: National Bank Financial Inc.
• Pricing: $10.60 per preferred share.
• Recent Market Price: $10.72 (TSX closing price on Nov. 14, 2025).
• Timeline:
  • Sales period ends: 9 a.m. EST on Nov. 18, 2025.
  • Expected closing: On or about Nov. 25, 2025.
  • Conditions: Subject to TSX approval and other closing conditions.
• Use of Proceeds: Investment in an actively managed, high-quality portfolio of financial services companies (Canadian and U.S. issuers).
• Dividend Terms (Effective Dec. 1, 2025):
  • Fixed, cumulative monthly dividends.
  • Annual rate of 7.25%, determined annually by the board.
  • Minimum rate of 6.00% until 2030 (previously 8.50% with a 5.50% minimum).
• Redemption/Termination:
  • Termination date: On or about Dec. 1, 2030 (subject to five-year extensions).
  • Redemption price: $10 per preferred share.
• Historical Dividend Data:
  • 263 consecutive dividends declared since inception.
  • Aggregate dividends declared: $12.83 per share.
  • All distributions made as tax-advantaged eligible Canadian dividends.
• Regulatory Filings: Prospectus supplement to the short form base shelf prospectus dated Dec. 19, 2023, to be filed with securities commissions in all Canadian provinces.

Notable Quotes

• None provided in the text.