TDb Split Corp. Announces Successful Overnight Offering

TORONTO, Dec. 10, 2019 (GLOBE NEWSWIRE) — TDb Split Corp. (the “Company”) is pleased to announce it has completed the overnight marketing of up to 2,600,012 Priority Equity Shares and up to 1,568,100 Class A Shares of the Company. Total gross proceeds of the offering are expected to be approximately $35,643,935.

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

The sales period of the overnight offering has now ended.

The offering is expected to close on or about December 23, 2019 and is subject to certain closing conditions including approval by the TSX.

The Priority Equity Shares were offered at a price of $10.00 per Share to yield 5.25% and the Class A Shares were offered at a price of $6.15 per Class A Share to yield 9.75%.

The closing price on the TSX of each of the Priority Equity Shares and the Class A Shares on December 9, 2019 was $10.10 and $6.31, respectively.

The net proceeds of the offering will be used by the Company to invest in common shares of Toronto-Dominion Bank, a leading Canadian Financial institution.

The Company’s investment objectives are:

Priority Equity Shares:

to provide holders of the Priority Equity Shares with fixed, cumulative preferential monthly cash dividends currently in the amount of $0.04375 ($0.525 annually); and

on or about the termination date, currently December 1, 2024 (subject to further 5 year extensions thereafter), to pay the holders of the Priority Equity Shares $10.00 per Priority Equity Share.

Class A Shares:

to provide holders of the Class A Shares with regular monthly cash dividends currently in the amount of $0.05 monthly ($0.60 annually); and

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, 2024 (subject to further 5 year extensions thereafter) such amounts as remain in the Company after paying $10 per Priority Equity Share.

The Company will today file an amended and restated preliminary short form prospectus, containing important information relating to the Priority Equity 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.

Investor Relations: 1-877-478-2372 Local: 416-304-4443 www.tdbsplit.com [email protected]