Life & Banc Split Corp (TSE:LBS) has released an update.
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Life & Banc Split Corp. has successfully completed a treasury offering, raising $27.9 million through the sale of Class A and Preferred Shares on the Toronto Stock Exchange. The Class A Shares were sold at $7.65 each with a 15.7% distribution rate, while the Preferred Shares were priced at $10.00 each, offering a 7.4% yield to maturity. The offering was led by a syndicate of agents including major firms like RBC and CIBC, and the fund’s investments are comprised of shares from top Canadian banks and life insurance companies.
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