Prime U.S. Banking Sector Split Corp. Announces Initial Public Offering
02 October 2013 - 5:35AM
Marketwired
Prime U.S. Banking Sector Split Corp. ("The Company") is pleased to
announce the filing of a preliminary prospectus dated September 30,
2013 for a proposed new offering. The offering is an investment in
common shares of a portfolio consisting primarily of 15 U.S.
financial services companies selected from a portfolio universe
consisting of 20 companies. The Company will offer two investment
choices: Priority Equity Shares at $10 per share and Class A shares
at $10 per share.
The Company's Priority Equity Shares will provide holders with
monthly cumulative preferential floating rate cash dividends at an
annual rate of U.S. prime plus 1.75% (Min: 5.0% / Max: 7.0%) based
on the original issue price.
The Company's Class A Shares offer regular monthly cash
dividends initially targeted to be 6.5% per annum based on the
original issue price. The Class A shares will be entitled on
redemption to the benefit of any capital appreciation in the market
price of the shares in the portfolio.
The Company has been created to provide investors with an
opportunity to invest in a portfolio of 15 U.S. financial services
companies whose shares will likely continue to benefit from an
improving economy. The Company will employ a covered call writing
strategy to generate additional income to the portfolio.
The 15 portfolio companies will be selected from a portfolio
universe consisting of the following 20 companies:
American Express Company City National Corporation Northern Trust
Corporation
Bank of America Fifth Third Bancorp The PNC Financial
Corporation Services Group Inc.
The Bank of New York The Goldman Sachs Group, Regions Financial
Mellon Corporation Inc. Corporation
BB&T Corporation JPMorgan Chase & Co. State Street Corporation
Capital One Financial KeyCorp. SunTrust Banks Inc.
Corp.
Citigroup Inc. M&T Bank Corporation U.S. Bancorp
Morgan Stanley Wells Fargo & Company
The proposed offering is co-lead by RBC Capital Markets and CIBC
World Markets Inc. The other members of the syndicate are BMO
Capital Markets, National Bank Financial Inc., Scotiabank, TD
Securities Inc., GMP Securities L.P., Raymond James Ltd., Canaccord
Genuity Corp., Desjardins Securities Inc. and Mackie Research
Capital Corporation.
Please visit our website at: www.primeusbanking.com
Contacts: Prime U.S. Banking Sector Split Corp. Investor
Relations 77 King Street West, Toronto, Ontario, M5K 1K7
416-304-4443 or 877-478-2372info@quadravest.com
www.primeusbanking.com
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