Successful Overnight Offering

TORONTO, June 19, 2025 (GLOBE NEWSWIRE) -- Canadian Life Companies Split Corp. (“the Company”) is pleased to announce it has completed the overnight marketing of Preferred Shares (TSX: LFE.PR.B) and Class A Shares (TSX: LFE) of the Company. Total gross proceeds of the offering are expected to be approximately $40.0 million.

The offering is being led by National Bank Financial Inc.

The sales period of the overnight offering has now ended.

The offering is expected to close on or about June 26, 2025 and is subject to certain closing conditions including approval by the TSX.

The Preferred Shares were offered at a price of $10.55 per Preferred Share to yield 6.64% and the Class A Shares were offered at a price of $6.35 per Class A Share to yield 18.90%.

The closing price on the TSX of each of the Preferred Shares and Class A Shares on June 18, 2025 was $10.70 and $6.50, respectively.

The net proceeds of the offering will be used by the Company to invest in an actively managed portfolio primarily consisting of four publicly traded Canadian life insurance companies as follows: Great‐West Lifeco Inc., Industrial Alliance Insurance & Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc.

The Company’s investment objectives are:

Preferred Shares:

1. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends at a rate equal to the greater of: 7.00% OR Prime Rate plus 2% (max of 9%) annually based on the $10.00 original issue price, and;
2. on or about December 1, 2030 (subject to further 6 year extensions), to pay the holders of the Preferred Shares the original $10 issue price of those shares.

Class A Shares:

1. to provide holders of the Class A Shares with regular monthly cash dividends as the directors of the Company may from time to time determine; and
2. on or about December 1, 2030 (subject to further 6 year extensions), to pay the holders of Class A Shares such amounts as remain after paying the holders of the Preferred shares the amounts owing to them.

A prospectus supplement to the Company’s short form base shelf prospectus dated May 1, 2024, containing important detailed information about the Preferred Shares and the Class A Shares being offered will be filed with securities commissions or similar authorities in all provinces of Canada. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the agents listed above. 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.

Investor Relations: 1-877-478-2372 Local: 416-304-4443 www.lifesplit.com info@quadravest.com 

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