03:41 PM EDT, 06/18/2024 (MT Newswires) -- Life & Banc Split Banc Corp. (LBS.TO) announced Tuesday it is undertaking an overnight treasury offering of Class A and preferred shares.

A statement said the sales period for the Offering is expected to end on Wednesday, June 19, 2024, and is expected to close on or about June 26, 2024, and is subject to certain closing conditions including approval by the Toronto Stock Exchange.

It added the Class A Shares will be offered at a price of $7.55 each for a distribution rate of 15.9% on the issue price. The Preferred Shares will be offered at a price of $10.15 each for a yield to maturity of 7.3%.

The closing prices on the TSX for each of the Class A Shares and the Preferred Shares on June 17, 2024 were $7.55 and $10.27, respectively.

The investment objectives for the Class A Shares are to provide holders with regular monthly cash distributions targeted to be $0.10 per Class A Share and to provide the opportunity for growth in the net asset value per Class A Share, according to a company statement.

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions in the amount of $0.18125 per Preferred Share ($0.725 per annum) until October 30, 2028, and to return the original issue price to holders of Preferred Shares on October 30, 2028.

Over the last 10 years, the Class A Shares have delivered a 12.6% per annum total return based on NAV, outperforming the S&P/TSX Composite TR Index by 5.1% per annum. The Preferred Shares have returned 5.3% per annum over the last 10 years, outperforming the S&P/TSX Preferred Share TR Index by 2.9% per annum.

The Preferred Shares have a DBRS rating of Pfd-3.

Price: 7.67, Change: +0.12, Percent Change: +1.59