E Split Corp. Announces Overnight Offering
05 December 2023 - 7:18AM
Middlefield Group, on behalf of E Split Corp. (TSX: ENS and
ENS.PR.A) (the “Company”), is pleased to announce that the Company
is undertaking an overnight treasury offering of class A and
preferred shares (the “Class A Shares” and “Preferred Shares”,
respectively).
The sales period for this overnight offering
will end at 9:00 a.m. (ET) on Tuesday, December 5, 2023. The
offering is expected to close on or about December 12, 2023 and is
subject to certain closing conditions including approval by the
Toronto Stock Exchange (“TSX”).
The Class A Shares will be offered at a price of
$12.55 per Class A Share to yield 12.4% and the Preferred Shares
will be offered at a price of $9.80 per Preferred Share to yield
7.5% to maturity. The closing price on the TSX for each of the
Class A Shares and Preferred Shares on December 1, 2023 was $12.82
and $9.90, respectively. The Class A Share and Preferred Share
offering prices were determined so as to be non-dilutive to the
most recently calculated net asset value per unit of the Company
(calculated as at December 1, 2023), as adjusted for dividends and
certain expenses to be accrued prior to or upon settlement of the
offering.
The Company invests in common shares of Enbridge
Inc., a North American oil and gas pipeline, gas processing and
natural gas distribution company.
The Company’s investment objectives for the:
Class A Shares are to provide holders
with: (i) non-cumulative monthly cash
distributions; and (ii) the opportunity for
capital appreciation through exposure to the portfolio
Preferred Shares are to: (i)
provide holders with fixed cumulative preferential quarterly cash
distributions; and (ii) return the original
issue price of $10.00 to holders upon maturity.
Middlefield Capital Corporation provides
investment management advice to the Company.
The syndicate of agents for the offering is
being co-led by CIBC Capital Markets, RBC Capital Markets, and
Scotiabank.
For further information, please visit our
website at www.middlefield.com or contact Nancy Tham in our Sales
and Marketing Department at 1.888.890.1868.
A short form base shelf prospectus
containing important detailed information about the securities
being offered has been filed with securities commissions or similar
authorities in each of the provinces of Canada. Copies of the short
form base shelf prospectus may be obtained from a member of the
syndicate. The Company intends to file a supplement to the short
form base shelf prospectus, and investors should read the short
form base shelf prospectus and the prospectus supplement before
making an investment decision. There will not be any sale or any
acceptance of an offer to buy the securities being offered until
the prospectus supplement has been filed with the securities
commissions or similar authorities in each of the provinces of
Canada
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