(July 5 – 14:20 ET) – Diversified Canadian Financial Corp. announced today that it has completed its initial public offering. Diversified Canadian issued 5 million capital shares at $18.80 per share, and 5 million preferred shares at $25 per share. The offering raised $219 million.
The proceeds were used to acquire a diversified portfolio of preferred shares, marking Canada’s first successful securitization of a preferred share portfolio. The investment management division of Trilon Financial Corporation, the company’s sponsor, structured the deal.
Diversified Canadian will earn dividend income from the underlying investment portfolio.
Bruce Robertson, president and CEO of Diversified Canadian commented, “We are pleased with the results of the initial public offering, and to be involved in Canada’s first preferred share securitization. The level of interest in this offering reflects a deepening of the Canadian investment market and demand for structured products.”
The preferred shares are listed for trading under the symbol DCF.PR.A on the Toronto Stock Exchange.
-IE Staff