Financial 15 Split Corp.: Successful Overnight Offering Completed

Financial 15 Split Corp.: Successful Overnight Offering Completed
  
 

TORONTO, ONTARIO--(Marketwired - Jan 10, 2014) - Financial 15 Split Corp. (the "Company") is pleased to announce it has completed the overnight marketing of up to 1,531,000 Preferred Shares and up to 1,531,000 Class A Shares. Total proceeds of the offering are expected to be approximately $30 million. The Company has granted the dealers an overallotment of 229,650 units if exercised, bringing the total proceeds to $34.5 million. The offering was co-led by National Bank Financial Inc., CIBC World Markets Inc. and RBC Capital Markets and also included BMO Nesbitt Burns Inc., GMP Securities L.P. and Canaccord Genuity Corp. The sales period of this overnight offering has now ended.

The Preferred Shares were offered at a price of $10.00 per Preferred Share to yield 5.25% and the Class A Shares were offered at a price of $9.60 per Class A Share to yield 15.71%. The closing price of each of the Preferred Shares and the Class A Shares on January 9, 2014 on the TSX was $10.08 and $10.23, respectively.

The proceeds of the secondary offering, net of expenses and the underwriters' fee, will be used by the Company to invest in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows:

Bank of Montreal		National Bank of Canada	Bank of America Corp.
The Bank of Nova Scotia		Manulife Financial Corporation	Citigroup Inc.
Canadian Imperial Bank of Commerce		Sun Life Financial Services of Canada Inc.	Goldman Sachs Group Inc.
Royal Bank of Canada		Great-West Lifeco Inc.	JP Morgan Chase & Co.
The Toronto-Dominion Bank		CI Financial Corp.	Wells Fargo & Co.

The Company's investment objectives are:

Preferred Shares:

1. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends in the amount of $0.04375 per Preferred Share to yield 5.25% per annum on the original issue price; and
2. on or about the termination date, currently December 1, 2015 (the "Termination Date"), to pay the holders of the Preferred Shares $10.00 per Preferred Share, which was the original issue price of the Preferred Shares.

Class A Shares:

1. to provide holders of the Class A Shares with regular monthly cash dividends initially targeted to be $0.10 per Class A Share to yield 8.0% per annum on the original issue price of the Class A Shares, and currently targeted to be $0.1257 per Class A Share;
2. on or about Termination Date, to pay the holders of Class A Shares $15.00 per Class A Share, which was the original issue price of the Class A Shares.

The Company will today file an amended and restated short form preliminary prospectus in each of the provinces of Canada with respect to the offering. The offering is only made by prospectus. The prospectus contains detailed information about securities being offered. A copy of the amended and restated preliminary short form prospectus is available from one of the syndicate members listed above. Investors should read the prospectus before making an investment decision.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Financial 15 Split Corp.Investor Relations416-304-4443 or Toll free at 1-877-4-Quadra (1-877-478-2372)www.financial15.com