Toronto, December 12, 2011 - Utility Split Trust (the "Fund") (TSX: UST.UN; UST.PR.A) announces that it has filed a final short form prospectus for its offering (the "Offering") of 1,203,576 Class B Preferred Securities (the "Class B Preferred Securities"). The Class B Preferred Securities have been provisionally rated Pfd-2 (low) by DBRS Limited. The offering is scheduled to close on or about December 19, 2011. The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Class B Preferred Securities (UST.PR.B) subject to fulfillment by the Fund of the requirements of the TSX.
The Fund was established to provide investors with exposure to a diversified investment in securities of utility issuers, utilizing the split security structure, on a low cost basis, while providing monthly tax efficient distributions to holders of capital units of the Fund. Utility issuers include, among others, corporations or income trusts that generate, transmit and/or distribute electricity, water and/or natural gas, including, corporations or income trusts that supply the raw materials required for the generation of electricity.
The issuance of the Class B Preferred Securities will allow the Fund to maintain the leveraged split security structure of the Fund following the repayment of the Fund's currently issued and outstanding preferred securities on or about December 31, 2011, and the retraction on December 15, 2011 of 1,375,194 Capital Units that were deposited for retraction pursuant to the special retraction right that expired on November 29, 2011.
The Offering is being made on a best efforts agency basis in each of the provinces of Canada through a syndicate of investment dealers led by CIBC that includes BMO Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.