Canadian Banc confirms $62.7-million offering closing

Executive Summary

• Canadian Banc Corp. completed an overnight offering of preferred shares, raising gross proceeds of $62.7 million.
• Net proceeds will be invested in a diversified portfolio of six major Canadian banks.
• The preferred shares carry cumulative floating‑rate monthly cash dividends tied to the Canadian prime rate plus 1.50 % (minimum 5 %, maximum 8 %) and have a termination date of Dec. 1, 2028 (subject to extensions).

Key Details

• Offering Size: $62.7 million gross proceeds from preferred shares (ticker BK.PR.A).
• Lead Manager: National Bank Financial Inc.
• Trading Symbol: Shares will trade on the Toronto Stock Exchange under the existing symbol BK.PR.A.
• Use of Proceeds: Investment in a portfolio consisting primarily of six publicly traded Canadian banks: Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Bank of Nova Scotia, National Bank of Canada, and Toronto‑Dominion Bank.
• Dividend Terms: Cumulative preferential floating‑rate monthly cash dividends at a rate equal to the prevailing Canadian prime rate + 1.50 % (minimum 5 % per annum, maximum 8 % per annum) based on the original $10 issue price.
• Redemption Feature: On or about Dec. 1, 2028 (subject to possible five‑year extensions), holders will be paid the original $10 issue price per share.
• Regulatory Reference: Investors are directed to review the prospectus supplement to the company’s short‑form base shelf prospectus dated June 18, 2025.

Notable Quotes

(No direct quotes provided in the release.)