TORONTO, ONTARIO–(Marketwired – May 6, 2016) – Not for distribution to U.S. News Wire Services or dissemination in the United States.
Global Resource Champions Split Corp. (the “Company“) (TSX:GRP.PR.A) announced today that it has completed its initial public offering of Class A Preferred Shares, Series 1 (the “Series 1 Shares“). The offering raised gross proceeds of $45.0 million, and was offered by a syndicate of agents led by Scotiabank, National Bank Financial Inc., CIBC, RBC Capital Markets, TD Securities Inc. and includes BMO Capital Markets, Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc. and Laurentian Bank Securities Inc. (the “Agents“). A total of 1,800,000 Series 1 Shares were issued at a price of $25.00 per Series 1 Share. The Company also announced today that it has completed the issuance of 1,800,000 capital shares of the Company to Partners Value Investments Inc.
The Series 1 Shares have been rated Pfd-2 (low) by DBRS Limited. The Series 1 Shares will commence trading today on the Toronto Stock Exchange under the symbol “GRP.PR.A”.
The Company’s investment objectives with respect to the Series 1 Shares are (i) to provide holders of Series 1 Shares with fixed cumulative preferential quarterly cash distributions in the amount of $0.390625 per Series 1 Share to yield 6.25% per annum on the original issue price of the Series 1 Shares and (ii) on or about May 25, 2023, to pay the holders of Series 1 Shares the original issue price of $25.00 of those shares, through the redemption of each Series 1 Share held on May 25, 2023. Such quarterly distributions are expected to be paid by the Company to holders of record on the last Business Day of March, June, September and December in each year with payments being made on or before the 15th day of the following month. The initial distribution will be prorated from today’s date until September 30, 2016 and is expected to be payable on or before October 15, 2016 to holders of record on September 30, 2016. The final prospectus is available on SEDAR at www.sedar.com.
Initially, the Portfolio will consist of 15 large capitalization resource companies and will be approximately equally weighted on a U.S. dollar equivalent basis.
The Series 1 Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the United States Securities Act of 1933, as amended). This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Series 1 Shares in the United States or to, or for the account or benefit of, U.S. Persons.
About Global Resource Champions Split Corp.
Global Resource Champions Split Corp. is a mutual fund corporation incorporated under the laws of the Province of Ontario. The Company invests in a diversified portfolio of large capitalization resource companies that Brookfield Investment Management (Canada) Inc., as investment fund manager of the Company, believes are best in class. The Company invests in the portfolio in order to generate fixed cumulative quarterly cash distributions for holders of the Company’s Series 1 Shares and to enable the holders of the capital shares to participate in any capital appreciation in the securities that comprise the portfolio.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include the factors discussed under “Investment Considerations and Risk Factors” in the final prospectus of the Company dated April 27, 2016. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
For more information, visit the Company’s website at www.brookfieldim.com and its issuer profile at www.sedar.com.
(855) 777-8001
funds@brookfield.com