Premium Income Corporation ("PIC") announced an $80 million at-the-market (ATM) offering on January 8, 2024, comprising $58 million in Preferred Shares and $22 million in Class A Shares, listed on the TSX under symbols PIC.PR.A and PIC.A. The offering, managed by Mulvihill Capital Management Inc., closed on the same day.

National Bank Financial Inc. acted as the sole agent, earning up to 2.5% commission on gross proceeds. Legal advisors included Osler, Hoskin & Harcourt LLP for PIC and Blake, Cassels & Graydon LLP for the agent.

Proceeds will support PIC’s investment strategy of holding Canadian bank equities, including shares of RBC, TD, and BMO.