Power Financial Issues $150M of Preferred Shares

Power Financial Corporation issued six million Non-Cumulative First Preferred Shares by way of a prospectus supplement to its base shelf prospectus for gross proceeds of $150 million.

The transaction was completed on October 9, 2009. Power Financial was represented by in-house counsel Edward Johnson and St├ęphane Lemay and by a team comprised of Ernest McNee, Eric Moncik and Freda Kwon (securities) and Jeffrey Trossman and Jeffrey Shafer (tax) of Blake, Cassels & Graydon LLP.

The underwriters, led by BMO Capital Markets, Scotia Capital and RBC Dominion Securities were advised by Ogilvy Renault LLP with a team comprised of Solomon Sananes and David Millette (corporate and securities) and Jules Charette (tax).