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TORONTO, April 30, 2025 /CNW/ - (TSX: PGIC.PR.A) (TSX: PGIC) – Premium Global Income Split Corp. (the "Fund") is pleased to announce that it has completed the previously announced treasury offering of 2,100,000 Preferred Shares and 2,100,000 Class A Shares for gross proceeds of approximately $35,175,000. The Preferred Shares and Class A Shares will continue to trade on the Toronto Stock Exchange (the "TSX") under the existing symbols PGIC.PR.A and PGIC, respectively.
The Preferred Shares were offered at a price of $10.35 per Preferred Share and the Class A Shares were offered at a price of $6.40 per Class A Share.
The Fund invests in a diversified portfolio of primarily large capitalization global equity securities actively selected by the Manager. To generate additional returns above the dividend income earned on the Fund's portfolio, the Fund will selectively write covered call and put options in respect of some or all of the common shares in the Fund's portfolio. The manager and investment manager of the Fund is Mulvihill Capital Management Inc.
The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.0625 per Preferred Share representing a yield of 7.50% on the original issue price of $10.00. The Class A Shares pay monthly cash distributions targeted to be 12% per annum based on the initial $8.00 net asset value per Class A Share.
The syndicate of agents for the offering was co-led by National Bank Financial Inc., CIBC Capital Markets, RBC Capital Markets and Scotiabank, and included BMO Nesbitt Burns Inc., TD Securities Inc., Hampton Securities Limited, Canaccord Genuity Corp., iA Private Wealth Inc., Raymond James Ltd., Richardson Wealth Limited and Wellington-Altus Private Wealth Inc.
John Germain, Senior Vice-President & CFO
A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces of Canada.