Financial 15 Split Corp. Successful Overnight Offering of Preferred Shares

Financial 15 Split Corp. announced the successful completion of its overnight offering of Preferred Shares (TSX: FTN.PR.A) on November 18, 2025, with expected gross proceeds of approximately $92.2 million. National Bank Financial Inc. led the offering, which closed on November 17, 2025, at a price of $10.60 per share, slightly below the closing price of $10.72 on that date. The anticipated closing date for the offering is set for November 25, 2025, subject to approval by the Toronto Stock Exchange (TSX) and other closing conditions.

The net proceeds from this offering will be allocated towards a high-quality portfolio focused on financial services companies based in Canada and the U.S. This portfolio will include well-known institutions such as the Bank of Montreal, National Bank of Canada, Bank of America Corp., and Citigroup Inc., among others.

Starting December 1, 2025, holders of the Preferred Shares can expect fixed, cumulative monthly dividends at an annual rate of 7.25%. This rate is determined annually by the Board of Directors and comes with a minimum guarantee of 6.00% through to 2030, a decrease from the previous offering terms of 8.50% with a five-year minimum of 5.50%. Furthermore, by the termination date on December 1, 2030, or upon any subsequent five-year extensions, shareholders are promised a redemption of $10.00 per Preferred Share.

A prospectus supplement with comprehensive details about this offering will be filed with securities commissions across Canada. Investors are encouraged to contact their financial advisors or the company directly for copies of the prospectus and more information. For inquiries, Financial 15 Split Corp. can be reached via their investor relations directly.

Financial 15 Split Corp. has successfully completed an overnight offering of Preferred Shares, amounting to approximately $92.2 million. This capital raise indicates robust investor confidence, especially considering the solid valuation of $10.72 per Preferred Share on the TSX just prior to the offering, compared to the $10.60 offering price. This slight discount of around 1.1% indicates a strategic move to encourage investor participation, further solidifying demand for these financial instruments.

Investors should take note of the Company’s intention to utilize the proceeds to invest in a diversified, actively managed portfolio of high-quality financial services companies across both Canadian and U.S. markets. This portfolio includes prestigious institutions such as Bank of Montreal, Citigroup, and Goldman Sachs, which suggest a prudent strategy aimed at capturing the inherent strengths in the financial sector. The focus on high-caliber companies could lead to stability and potential capital appreciation, providing an attractive avenue for dividend income.

From a dividend perspective, the new fixed, cumulative monthly dividend rate of 7.25%, with a minimum of 6.00% until 2030, presents a lucrative opportunity for income-focused investors. Though the previous yield was higher, the new structure reflects a balance between sustainability and attractive returns in a turbulent economic environment.

The commitment to return holders $10.00 per Preferred Share at the termination date of December 1, 2030, reaffirms the Company’s dedication to shareholder value. However, prospective investors should closely monitor the stock's performance leading up to the official closing date, as market conditions will dictate trading dynamics.

In summary, Financial 15 Split Corp. presents a compelling investment proposal for those inclined towards stable returns in the financial sector, with the added reassurance of strong institutional backing and dividend predictability. Investors may find this offering particularly attractive in the current interest rate climate.