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Financings

Premium Income Corporation Announces Closing of Overnight Offering of Preferred Shares

By The Northwire Desk — AI Analysis Jan 29, 2026 · 09:20 PIC · 9.14 None
PIC · Price

Executive Summary

  • Premium Income Corporation completed its previously announced treasury offering of 2,633,000 preferred shares, raising gross proceeds of $42.65 million.
  • The preferred shares were issued at $16.20 each and carry a fixed cumulative monthly distribution of $0.10625 per share (8.50% yield on the original issue price).
  • Proceeds will be used to support the Fund’s investment strategy, which includes holding major Canadian bank equities and writing covered call/put options.

Key Details

  • Offering Size: 2,633,000 preferred shares (PIC.PR.A)
  • Gross Proceeds: $42,654,600
  • Issue Price: $16.20 per preferred share
  • Trading Symbol: PIC.PR.A on the Toronto Stock Exchange (TSX)
  • Distribution Rate: Fixed cumulative monthly cash distribution of $0.10625 per share ($1.275 per annum), representing an 8.50% yield based on the original issue price of $15.00.
  • Use of Proceeds: To enhance returns for the Fund by supporting its portfolio of Canadian bank common shares and enabling selective covered call/put option writing.
  • Syndicate Lead Manager: National Bank Financial Inc. (lead agent)
  • Fund Manager / Investment Manager: Mulvihill Capital Management Inc.
  • Contact Information: Investor Relations – 416‑681‑3966; toll‑free 1‑800‑725‑7172; email [email protected]; website www.mulvihill.com

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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