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Financings

Premium Income closes $42.65-million offering

By The Northwire Desk — AI Analysis Jan 29, 2026 · 18:46 PIC · 9.17 Premium Income Corp
PIC · Price

Executive Summary

  • Premium Income Corp. has completed the closing of a previously announced treasury offering of 2,633,000 preferred shares.
  • The offering generated gross proceeds of $42,654,600, with shares priced at $16.20 per unit.
  • The preferred shares pay fixed cumulative preferential monthly cash distributions and trade under the symbol PIC.PR.A on the Toronto Stock Exchange.

Key Details

  • Transaction Type: Treasury offering of preferred shares (closed).
  • Quantity: 2,633,000 preferred shares.
  • Gross Proceeds: $42,654,600.
  • Offering Price: $16.20 per preferred share.
  • Trading Symbol: PIC.PR.A (Toronto Stock Exchange).
  • Dividend Terms: Fixed cumulative preferential monthly cash distributions of 10.625 cents ($1.275 per annum) per preferred share.
  • Yield: 8.50% on the original issue price of $15.
  • Underwriters/Syndicate: Led by National Bank Financial Inc.
  • Investment Strategy: The fund invests principally in common shares of major Canadian banks (BMO, BNS, CIBC, NCB, RBC, TD) and selectively writes covered call and put options to generate additional returns.
  • Manager: Mulvihill Capital Management Inc.
Read the original news release →

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