pcNewsWire – Power Financial Corporation (TSX: PWF) has completed an offering of 10,000,000 5.15% Non-Cumulative First Preferred Shares, Series V at $25.00 per share for gross proceeds of $250 million.
The offering was co-led by BMO Capital Markets, RBC Capital Markets, Scotiabank and TD Securities Inc.
Power Financial – Closing of Preferred Share Issue
Montréal, Québec, May 26, 2017 – Power Financial Corporation (TSX: PWF) (“Power Financial” or the “Corporation”) announced today the closing of an offering of 10,000,000 5.15% Non-Cumulative First Preferred Shares, Series V (the “Series V Shares”) priced at $25.00 per share for gross proceeds of $250 million.
The issue was bought by an underwriting syndicate co-led by BMO Capital Markets, RBC Capital Markets, Scotiabank and TD Securities Inc.
The Series V Shares will be listed and posted for trading on the Toronto Stock Exchange under the symbol “PWF.PR.Z”. The net proceeds from the issue will be used to supplement Power Financial’s financial resources and for general corporate purposes.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
ABOUT POWER FINANCIAL
Power Financial Corporation is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States and Europe. It also has diversified investments in industrial companies based in Europe. Power Financial Corporation is a member of the Power Corporation Group of Companies. To learn more, visit www.powerfinancial.com.
Not for distribution to U.S. news wire services or dissemination in the United States.
SOURCE: Power Financial Corporation