North American Financial 15 Split Completes C$102.5 Million Preferred Share Offering

North American Financial 15 Split (FFN.TO) has completed an overnight offering of preferred shares, raising C$102.5 million in proceeds. The preferred shares will begin trading on the Toronto Stock Exchange under the FFN.PR.A symbol, the investment company said Monday. North American Financial 15 Split plans to use the proceeds to invest in a portfolio primarily consisting of financial services companies made up of Canadian and U.S. issuers. Under the offering, North American Financial 15 Split said it aimed to provide holders of the preferred shares with fixed, cumulative monthly dividends at an annual rate of 7.50%, subject to a minimum rate of 7.00% until 2029. The company also plans to pay the holders $10 per preferred share around the Dec. 1, 2029 termination date.