By Jennifer Chiou
New York, Oct. 18 - Dundee Corp. announced the C$173.25 million sale of Scotiabank preferred shares, series 32. The company sold 7 million of the preferreds at a price of C$24.75 each.
The syndicate of agents was led by TD Securities, co-led by Scotia Capital Inc. and included Dundee Securities Ltd., BMO Capital Markets, CIBC, RBC Capital Markets, National Bank Financial Inc., GMP Securities LP and Desjardins Securities Inc.
Dundee initially acquired the securities as part of the consideration paid for the sale of its interest in DundeeWealth Inc. to Scotiabank.
Proceeds will be used for working capital.
The company said that it will receive the dividend of C$0.23 per preferred that was declared on Aug. 30 and payable on Oct. 27.
Questions may be directed to Ned Goodman at 416 365-5665 and Lucie Presot at 416 365-5157.
Dundee is a Toronto-based holding company with activities in wealth management, real estate and resources. Scotiabank, or the Bank of Nova Scotia, is one of Canada's largest banks.
| Issuer: | Dundee Corp.
|
| Issue: | Scotiabank preferred shares, series 32
|
| Amount: | C$173.25 million
|
| Preferreds: | 7 million
|
| Price: | C$24.75
|
| Agents: | TD Securities (lead), Scotia Capital Inc. (co-lead), including Dundee Securities Ltd., BMO Capital Markets, CIBC, RBC Capital Markets, National Bank Financial Inc., GMP Securities LP and Desjardins Securities Inc.
|
| Settlement date: | Oct. 18
|
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