By Cristal Cody
Tupelo, Miss., May 16 – Power Financial Corp. priced C$250 million of non-cumulative first preferred shares on Tuesday with a 5.5% annual dividend, according to a news release.
The company sold 10 million shares of the series V preferred stock at C$25.00 per share.
The deal was upsized from C$200 million, or 8 million shares, after the underwriters exercised their over-allotment option.
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.
|
| Amount: | C$250 million, 10 million shares
|
| Maturity: | June 30, 2022
|
| Securities: | Non-cumulative first preferred shares
|
| Bookrunners: | BMO Capital Markets Corp., RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
|
| Dividend: | 5.5%
|
| Price: | C$25.00 per share
|
| Pricing date: | May 16
|
| Settlement date: | May 26
|
| Distribution: | Canada
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