PrefBlog

Brompton Group announced (on 2026-8-11):

Dividend Growth Split Corp. (the “Fund”) is pleased to announce it is undertaking a treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively) (the “Offering”).

The sales period for the Offering will end on Wednesday, August 12, 2026. The Offering is expected to close on or about August 19, 2026 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

The Class A Shares will be offered at a price of $8.75 per Class A Share for a distribution rate of 13.7% on the issue price.(1)(2) The Preferred Shares will be offered at a price of $10.75 per Preferred Share to yield 6.3%.(2) The closing price on the TSX for each of the Class A Shares and Preferred Shares on August 10, 2026 were $8.77 and $10.88, respectively. The Class A Share and Preferred Share Offering prices were determined so as to be non-dilutive to the most recently calculated net asset value (“NAV”) per unit of the Fund (calculated as at August 6, 2026), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the Offering. The Offering is being led by RBC Capital Markets.

The investment objectives for the Class A Shares are to provide holders with regular monthly non-cumulative cash distributions targeted to be at least $0.10 per Class A Share and to provide holders of Class A Shares with the opportunity for growth in the net asset value per Class A Share. Over the past 10 years, the Class A Share has generated a 19.2% per annum return, significantly outperforming the S&P/TSX Composite Total Return Index by 6.7% per annum.(2)

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.16875 per Preferred Share (6.75% per annum on the original $10.00 issue price), and to return the original issue price to holders of Preferred Shares on August 30, 2029.

Over the last 10 years, the Preferred Share has generated a 5.8% per annum return.(2) Purchasers of Preferred Shares in this Offering will be eligible to receive the full August 2026 quarterly dividend of $0.16875 per Preferred Share when the dividend is declared.

The Fund invests in a portfolio (the “Portfolio”) consisting primarily of equity securities of Canadian dividend growth companies. In addition, the Company may hold up to 20% of the total assets of the Portfolio in global dividend growth companies for diversification and improved return potential, at the discretion of Brompton Funds Limited (“Brompton”). In order to qualify for inclusion in the Portfolio, at the time of investment, each dividend growth company included in the Portfolio must have (i) a market capitalization of at least CDN$2.0 billion; and (ii) a history of dividend growth or, in Brompton’s view, have high potential for future dividend growth.

Today they further announced:

Dividend Growth Split Corp. (the “Fund”) is pleased to announce a successful overnight treasury offering of class A shares and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively). Gross proceeds of the offering are expected to be approximately $101.5 million. The offering is expected to close on or about August 19, 2026 and is subject to certain closing conditions. The Fund has granted the Agents (as defined below) an over-allotment option, exercisable for 30 days following the closing date of the offering, to purchase additional Class A Shares and Preferred Shares up to such number as is equal to 15% of the number of Class A Shares issued at the closing of the offering.

The Class A Shares were offered at a price of $8.75 per Class A Share for a distribution rate of 13.7%(1)(2) on the issue price, and the Preferred Shares were offered at a price of $10.75 per Preferred Share to yield 6.3%.(2)

The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc., and Scotiabank and included Hampton Securities Limited, Canaccord Genuity Corp., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., CI Investment Services Inc., Manulife Wealth Inc., Research Capital Corporation, Ventum Financial Corp., and Wellington-Altus Private Wealth Inc.

The Fund invests in a portfolio (the “Portfolio”) consisting primarily of equity securities of Canadian dividend growth companies. In addition, the Company may hold up to 20% of the total assets of the Portfolio in global dividend growth companies for diversification and improved return potential, at the discretion of Brompton Funds Limited (“Brompton”). In order to qualify for inclusion in the Portfolio, at the time of investment, each dividend growth company included in the Portfolio must have (i) a market capitalization of at least CDN$2.0 billion; and (ii) a history of dividend growth or, in Brompton’s view, have high potential for future dividend growth.

DGS.PR.A pays 6.75% on its $10 par value. It is scheduled to mature at par on 2029-8-30.

Thanks to Assiduous Reader Yomgui for bringing this to my attention!

Intact Financial Corporation has announced:

that it has agreed to issue $250 million aggregate principal amount of 6.133% Limited Recourse Capital Notes, Series 3 (Subordinated Indebtedness) due September 30, 2086 (the “LRCNs”) by way of private placement to accredited investors in Canada (the “Private Placement”).

Intact also announced that it has sent today to the sole registered holder of its 10,000,000 Non-cumulative Rate Reset Class A Shares Series 3 (the “Series 3 Preferred Shares”) a formal notice and instructions for the redemption of the Series 3 Preferred Shares. Intact will redeem the Series 3 Preferred Shares as of September 30, 2026, upon payment of a redemption price equal to $25.00 per share, together with declared and unpaid dividends to, but excluding, the date of redemption. Non-registered holders of Series 3 Preferred Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 3 Preferred Shares in which they hold a beneficial interest. Intact’s transfer agent for the Series 3 Preferred Shares is Computershare Investor Services Inc. (“Computershare”). Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253 corporateactions@computershare.com.

Following the redemption on September 30, 2026, the Series 3 Preferred Shares will be delisted from, and no longer trade on, the Toronto Stock Exchange (“TSX”).

The LRCNs will be direct unsecured obligations of Intact and will be subordinated to all senior indebtedness of Intact and effectively subordinated to all indebtedness and obligations of Intact’s subsidiaries. The LRCNs will bear interest at a fixed annual rate of 6.133% until September 30, 2031 and the interest rate will reset on that date and on every fifth anniversary of such date until the maturity date at a fixed interest rate per annum equal to the Government of Canada Yield on the business day prior to such interest reset day plus 2.75%. In connection with the issuance of the LRCNs, Intact will issue 250,000 Non-Cumulative Rate Reset Class A Shares, Series 15 (the “Series 15 Preferred Shares”) to be held by Computershare Trust Company of Canada, as trustee of IFC LRCN Trust (the “Limited Recourse Trust”). In case of non-payment of interest on or the principal or redemption price of the LRCNs when due, the recourse of each holder of LRCNs will be limited to that holder’s proportionate share of the Limited Recourse Trust’s assets in respect of the LRCNs, which will consist of the Series 15 Preferred Shares except in limited circumstances.

Intact may redeem the LRCNs in whole or in part, at its option, during the period from August 31 to and including September 30, commencing in 2031 and every five years thereafter, on payment of a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date of redemption.

Intact intends to use the net proceeds from the Private Placement for general corporate purposes, in order to subscribe for shares of one or more subsidiaries of Intact, in order to repay all or a portion of any amounts previously borrowed by Intact, in order to redeem all or a portion of any preferred shares previously issued by Intact or any combination thereof.

The LRCNs are being offered on a best efforts basis through a syndicate co-led by CIBC Capital Markets and Scotiabank. The LRCNs are expected to be issued on or about August 24, 2026. Closing of the Private Placement is subject to certain customary conditions.

IFC.PR.C was issued as a FixedReset, 4.20%+266, that commenced trading 2011-8-18 after being announced 2011-8-9. It reset to 3.332% in 2016 and there was a 16% conversion to the FloatingReset IFC.PR.D. IFC.PR.C reset to 3.457% in 2021 and there was a forced conversion from IFC.PR.D back to IFC.PR.C.

Thanks to skeptical111 for bringing this to my attention!

BCE Inc. has announced (on 2026-7-22):

that all of its floating-rate Cumulative Redeemable First Preferred Shares, Series AJ (“Series AJ Preferred Shares”) will be converted on August 4, 2026, on a one-for-one basis, into fixed-rate Cumulative Redeemable First Preferred Shares, Series AI (“Series AI Preferred Shares”).

On June 16, 2026, notice was provided that holders of Series AI Preferred Shares could elect to convert their shares into Series AJ Preferred Shares and that holders of Series AJ Preferred Shares could elect to convert their shares into Series AI Preferred Shares, subject to the terms and conditions attached to those shares. A total of 1,875 of BCE’s 8,584,140 Series AI Preferred Shares were tendered for conversion on August 4, 2026, on a one-for-one basis, into Series AJ Preferred Shares. In addition, a total of 1,976,448 of BCE’s 3,514,957 Series AJ Preferred Shares were tendered for conversion on August 4, 2026, on a one-for-one basis, into Series AI Preferred Shares. As this would result in there being less than 2,000,000 Series AJ Preferred Shares outstanding, all remaining Series AJ Preferred Shares not tendered for conversion will, as per the terms and conditions attached to those shares, be automatically converted into Series AI Preferred Shares on August 4, 2026.

Registered shareholders who had elected to convert their Series AI Preferred Shares will have the share certificates representing the number of Series AI Preferred Shares tendered for conversion returned to them by TSX Trust Company.

The Series AI Preferred Shares will pay on a quarterly basis, for the five-year period beginning on August 4, 2026, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual fixed dividend rate of 5.10%. The Series AI Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbol BCE.PR.I.

The reset of BCE.PR.I to 5.10% was previously reported on PrefBlog. BCE.PR.I is the FixedFloater; BCE.PR.J was the RatchetRate.