Sustainable Power & Infrastructure Split Corp. Closes Initial Public Offering
21 May 2021 - 10:49PM
(TSX: PWI, PWI.PR.A): Brompton Funds Limited (the
“Manager”) is pleased to announce that Sustainable Power &
Infrastructure Split Corp. (the “Company”) has completed its
initial public offering of 3,221,666 Class A Shares and 3,221,666
Preferred Shares for total gross proceeds of $64.4 million. The
Class A Shares and Preferred Shares will commence trading today on
the Toronto Stock Exchange under the symbols PWI and PWI.PR.A,
respectively.
The Company will invest in a globally
diversified and actively managed portfolio (the “Portfolio”)
consisting primarily of dividend-paying securities of power and
infrastructure companies, whose assets, products and services the
Manager believes are facilitating the multi-decade transition
toward decarbonization and environmental sustainability. The
Portfolio will include investments in companies operating in the
areas of renewable power, green transportation, energy efficiency,
and communications, among others (“Sustainable Power and
Infrastructure Companies”). In seeking to achieve its investment
objectives, the Company intends to target investments in
Sustainable Power and Infrastructure Companies that have positive
and/or improving environmental, social and governance
characteristics as identified by the Manager.
The investment objectives for the Class A Shares
are to provide holders with regular monthly non-cumulative cash
distributions and the opportunity for capital appreciation through
exposure to the Portfolio. The monthly cash distribution is
targeted to be $0.06667 per Class A Share representing a yield on
the issue price of the Class A Shares of 8.0% per
annum.
The investment objectives for the Preferred
Shares are to provide holders with fixed cumulative preferential
quarterly cash distributions and to return the original issue price
of $10.00 to holders on May 29, 2026, subject to extension for
successive terms of up to five years as determined by the board of
directors of the Company. The quarterly cash distribution
will be $0.1250 per Preferred Share ($0.50 per annum, or 5.0% per
annum on the issue price of $10.00 per Preferred Share),
until May 29, 2026. The Preferred Shares have been provisionally
rated Pfd-3 by DBRS Limited.
The syndicate of agents for the offering was led
by RBC Capital Markets, CIBC Capital Markets, National Bank
Financial Inc. and Scotiabank and includes BMO Capital Markets, TD
Securities Inc., Hampton Securities Limited, Canaccord Genuity
Corp., Raymond James Ltd., Richardson Wealth Limited, Echelon
Wealth Partners Inc., iA Private Wealth Inc., Manulife Securities
Incorporated, and Research Capital Corporation.
About Brompton Funds
Founded in 2000, Brompton is an experienced
investment fund manager with income focused investment solutions
including TSX traded closed-end funds and exchange-traded funds.
For further information, please contact your investment advisor,
call Brompton’s investor relations line at 416-642-6000 (toll-free
at 1-866-642-6001), email info@bromptongroup.com or visit our
website at www.bromptongroup.com.
You will usually pay brokerage fees to your
dealer if you purchase or sell shares of the Company on the Toronto
Stock Exchange or other alternative Canadian trading platforms (an
“exchange”). If the shares are purchased or sold on an exchange,
investors may pay more than the current net asset value when buying
shares of the Company and may receive less than the current net
asset values when selling them.
There are ongoing fees and expenses associated
with owning shares of an investment fund. An investment fund must
prepare disclosure documents that contain key information about the
Company. You can find more detailed information about the Company
in the public filings available at www.sedar.com. Investment funds
are not guaranteed, their values change frequently and past
performance may not be repeated.
Certain statements contained in this news
release constitute forward-looking information within the meaning
of Canadian securities laws. Forward-looking information may relate
to matters disclosed in this news release and to other matters
identified in public filings relating to the Company, to the future
outlook of the Company and anticipated events or results and may
include statements regarding the future financial performance of
the Company. In some cases, forward-looking information can be
identified by terms such as “may”, “will”, “should”, “expect”,
“plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”,
“potential”, “continue” or other similar expressions concerning
matters that are not historical facts. Actual results may vary from
such forward-looking information. Investors should not place undue
reliance on forward-looking statements. These forward-looking
statements are made as of the date hereof and we assume no
obligation to update or revise them to reflect new events or
circumstances.
The securities offered have not been 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 any
applicable exemption from the registration requirements. This news
release does not constitute an offer to sell or the solicitation of
an offer to buy securities nor will there be any sale of such
securities in any state in which such offer, solicitation or sale
would be unlawful.
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