Brompton Split Banc plans to conduct overnight offering of preferreds, class A shares

Chicago, Aug. 17 – Brompton Split Banc Corp. is conducting an overnight offering for its class A and preferred shares, according to a press release.

The sales period will end at 9 a.m. ET on Aug. 18.

Closing is expected for Aug. 25.

The preferred shares will be offered at C$10.00 per preferred share for a yield to maturity of 7.9%.

The closing price on the TSX for the preferred shares on Aug. 16 was C$9.99.

The offering price was determined so as to be non-dilutive to the most recently calculated net asset value per unit of the company as of Aug. 11, as adjusted for dividends and certain expenses to be accrued before or upon settlement of the offering.

The offering is being led by RBC Capital Markets.

The investment objectives for the preferred shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of C$0.125 per preferred share, and to return the original issue price to holders of preferred shares on Nov. 29, 2027.

Brompton is an investment fund manager based in Toronto.

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