Brompton Lifeco Split Corp. Announces Successful Offering

Investment Weekly News

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Brompton Lifeco Split Corp. (the "Company") (TSX:LCS)(TSX:LCS.PR.A) is pleased to announce a successful overnight treasury offering of class A and preferred shares. Gross proceeds of the offering are expected to be approximately $38.6 million. The offering is expected to close on or about February 6, 2018 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (the "TSX").

The class A shares were offered at a price of $7.65 per class A share for a distribution rate of 11.8% on the issue price, and the preferred shares were offered at a price of $10.05 per preferred share for a yield to maturity of 5.4%. 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 per unit of the Company prior to pricing, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

Brompton Lifeco Split Corp. invests in a portfolio of common shares of Canada's four largest publicly-listed life insurance companies, on an approximately equal weight basis: Great-West Lifeco Inc., Industrial Alliance Insurance and Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc.

The syndicate of agents for the offering is being led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank and includes BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Echelon Wealth Partners Inc., Industrial Alliance Securities Inc., Desjardins Securities Inc., and Mackie Research Capital Corporation.