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Financings

Financial 15 Split completes $92.2-million offering

By The Northwire Desk — AI Analysis Nov 25, 2025 · 18:48 FTN · 11.04 Financial 15 Split Corp
FTN · Price

Executive Summary

  • Financial 15 Split Corp. completed an overnight preferred‑share offering raising $92.2 million in gross proceeds.
  • The shares will trade on the Toronto Stock Exchange under FTN.PR.A; the syndicate was led by National Bank Financial Inc.
  • Net proceeds are earmarked to build an actively managed portfolio of Canadian and U.S. financial‑services companies, with a fixed cumulative dividend schedule (7.25 % annual, minimum 6.00 % through 2030) and a $10 redemption price at maturity.

Key Details

  • Offering Size: Gross proceeds of $92,220,000; net proceeds to be used for portfolio investments.
  • Security Type: Preferred shares (symbol FTN.PR.A).
  • Listing: Shares to commence trading on the Toronto Stock Exchange immediately after closing.
  • Lead Manager: National Bank Financial Inc. (sole lead underwriter).
  • Dividend Terms: Effective 1 Dec 2025, holders receive fixed cumulative monthly dividends at an annual rate of 7.25 %, subject to a minimum of 6.00 % through 2030 (previously 8.50 % with a five‑year floor of 5.50 %).
  • Maturity/Redemption: On or about 1 Dec 2030 (subject to possible five‑year extensions), each preferred share will be redeemed at $10 per share.
  • Use of Proceeds: Investment in an actively managed, high‑quality portfolio of financial services companies comprising Canadian and U.S. issuers.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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