Financings
Power & Infrastructure Split Corp. Establishes At-The-Market Equity Program
PWI · Price
Executive Summary
- Power & Infrastructure Split Corp. announced the establishment of an at‑the‑market (ATM) equity program allowing issuance of Class A and Preferred Shares on a discretionary basis.
- The ATM program authorizes up to $50 million in gross proceeds for each share class, with sales conducted through the TSX or other Canadian marketplaces under a prospectus supplement dated January 19 2026.
- Proceeds will be used in accordance with the Fund’s investment objectives and strategies targeting dividend‑paying power and infrastructure securities.
Key Details
- Program Structure: ATM equity program for Class A Shares (common) and Preferred Shares, sold at prevailing market prices via an Equity Distribution Agreement with RBC Capital Markets (Agent).
- Maximum Funding: Up to $50 million gross proceeds per share class (total potential $100 million).
- Effective Period: Program effective until February 16 2028 unless terminated earlier by the Fund.
- Regulatory Basis: Conducted under National Instrument 44‑102 Shelf Distributions; prospectus supplement dated Jan 19 2026 to the short‑form base shelf prospectus (dated Jan 16 2026).
- Use of Proceeds: To be applied in line with the Fund’s investment objectives and strategies, i.e., investing in a diversified portfolio of dividend‑paying power and infrastructure securities.
- Distribution Mechanics: Shares sold on TSX or any Canadian marketplace where they are listed; price varies with market conditions at time of each distribution.
- Investment Objectives – Class A Shares: Provide regular monthly non‑cumulative cash distributions and potential capital appreciation via portfolio exposure.
- Investment Objectives – Preferred Shares: Offer fixed cumulative quarterly cash distributions and return of the $10.00 original issue price on May 29 2031.
- Performance Highlights (as of Jan 19 2026):
- Class A Shares: 13.8% annual total return since inception, outperforming S&P Global Infrastructure Total Return Index by 3.7% p.a.
- Preferred Shares: 5.1% annual total return since inception; downside protection of ~54% based on latest NAV.
- Ratings: Preferred Shares hold a Morningstar DBRS rating of Pfd‑3.
Notable Quotes
(No direct quotes were provided in the release.)