By Cristal Cody
Tupelo, Miss., May 16 – Power Financial Corp. priced C$200 million of noncumulative first preferred shares on Tuesday with a 5.5% annual dividend, according to a news release.
The company sold 8 million shares of the series V preferred stock at C$25.00 per share.
The offering includes a C$50 million greenshoe.
BMO Capital Markets Corp., RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc. were the lead managers.
Proceeds from the issue will be used to supplement Power Financial's financial resources and for general corporate purposes.
Power Financial is a Montreal-based diversified financial services management and holding company.
| Issuer: | Power Financial Corp.
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| Amount: | C$200 million, 8 million shares
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| Greenshoe: | C$50 million, 2 million shares
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| Maturity: | June 30, 2022
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| Securities: | Noncumulative first preferred shares
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| Bookrunners: | BMO Capital Markets Corp., RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
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| Dividend: | 5.5%
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| Price: | C$25.00 per share
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| Pricing date: | May 16
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| Settlement date: | May 26
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| Distribution: | Canada
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