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Subject: STOCK/OTHER MARKET NEWS

Financial 15 Split Corp. Announces Successful Overnight Offering


TORONTO, ONTARIO--(Marketwired - Sept. 14, 2017) - Financial 15 Split Corp. (the "Company") is pleased to announce it has completed the overnight marketing of up to 3,897,000 Preferred Shares and up to 3,897,000 Class A Shares of the Company. The total proceeds of the offering are expected to be approximately $79.1 million.

The offering is being co-led by National Bank Financial Inc., CIBC, Scotia Capital Inc., RBC Capital Markets and also includes BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Raymond James, Desjardins Securities Inc., Echelon Wealth Partners, Mackie Research Capital Corporation, Manulife Securities Incorporated and Industrial Alliance Securities Inc.

The sales period of the overnight offering has now ended. 

The offering is expected to close on or about September 28, 2017 and is subject to certain closing conditions including approval by the TSX.

The Preferred Shares were offered at a price of $9.90 per Preferred Share to yield 5.30% and the Class A Shares were offered at a price of $10.40 per Class A Share to yield 14.50%. 

The closing price on the TSX of each of the Preferred Shares and the Class A Shares on September 13, 2017 was $10.14 and $10.60, respectively. 

The net proceeds of the offering will be used by the Company to invest in an actively managed, high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: 

Bank of Montreal
The Bank of Nova Scotia
Canadian Imperial Bank of Commerce
Royal Bank of Canada
The Toronto-Dominion Bank
  National Bank of Canada
Manulife Financial Corporation
Sun Life Financial Services of Canada Inc.
Great-West Lifeco Inc.
CI Financial Corp.
  Bank of America Corp.
Citigroup Inc.
Goldman Sachs Group Inc.
JP Morgan Chase & Co.
Wells Fargo & Co.

The Company's investment objectives are:

Preferred Shares:

  1. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends currently in the amount of 5.25% annually, to be set by the Board of Directors annually subject to a minimum of 5.25% until 2020; and
  2. on or about the termination date, currently December 1, 2020 (subject to further 5 year extensions thereafter), to pay the holders of the Preferred Shares $10.00 per Preferred Share.

 Class A Shares:

  1. to provide holders of the Class A Shares with regular monthly cash dividends in an amount to be determined by the Board of the Directors; and
  2. to permit holders to participate in all growth in the net asset value of the Company above $10 per Unit, by paying holders on or about the termination date of December 1, 2020 (subject to further 5 year extensions thereafter) such amounts as remain in the Company after paying $10 per Preferred Share.

The Company will today file an amended and restated preliminary short form prospectus, containing important information relating to the Preferred Shares and Class A Shares, with securities commissions or similar authorities in all provinces of Canada. The amended and restated preliminary short form prospectus is still subject to completion or amendment. Copies of the amended and restated preliminary short form prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the underwriters listed above. Investors should read the prospectus before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.


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