Premium Global Income Split Fund (TSX: PGIC; PGIC.PR.A) announced on September 10, 2026, that it is undertaking an overnight treasury offering of both Preferred Shares and Class A Shares, with the sales period closing at 8:30 a.m. ET on September 11, 2026. The offering is expected to close on or about September 18, 2026, subject to Toronto Stock Exchange approval. The pricing has been set to be non-dilutive to the Fund's most recently calculated net asset value per unit, which investors in split-share structures may view as a supportive signal for existing unitholders.

Key Points

  • Premium Global Income Split Fund (TSX: PGIC; PGIC.PR.A)
  • The Fund is conducting an overnight treasury offering of Preferred Shares at $10.75 per share and Class A Shares at $7.15 per share
  • Preferred Shares offer a yield of 7.0%; Class A Shares offer a yield of 13.4%; offering expected to close on or about September 18, 2026
  • Investors may watch for TSX approval confirmation and the filing of the prospectus supplement before the offering finalises

PGIC Overnight Offering Pricing and Yield Details

The Preferred Shares are priced at $10.75 per share, representing a yield of 7.0%, while the Class A Shares are priced at $7.15 per share to yield 13.4%. By comparison, the closing prices on the TSX on September 10, 2026, were $11.00 for Preferred Shares and $7.30 for Class A Shares. The release states that offering prices were determined to be non-dilutive to the Fund's net asset value per unit as calculated on September 8, 2026. National Bank Financial Inc. is co-leading the syndicate of agents for the offering.

Fund Strategy: Global Equities, Covered Calls, and Income Enhancement

Premium Global Income Split Fund invests in a diversified portfolio of primarily large-capitalisation global equity securities, actively managed by Mulvihill Capital Management Inc. To enhance portfolio income and reduce volatility, the Fund employs an active covered call writing strategy and may write cash-covered put options. The Fund may also invest up to 100% of its net assets in other public investment funds, including those managed by Mulvihill, and may enter into currency hedging transactions at Mulvihill's discretion to manage foreign currency exposure.

Existing Distribution Structure for Preferred and Class A Shareholders

The Preferred Shares pay fixed cumulative preferential monthly cash distributions of $0.0625 per share ($0.75 per annum), representing a yield of 7.50% on the original issue price of $10.00. The Class A Shares currently pay monthly distributions of $0.08 per share ($0.96 per annum). These distribution structures remain unchanged by the current offering, according to the release, providing income-focused investors with continued visibility on cash flow from both share classes.