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Sprott Physical Platinum and Palladium Trust Announces IPO of 28,000,000 Trust Units
Wednesday, December 19, 1:33 PM ET

Sprott Asset Management today announced that Sprott Physical Platinum and Palladium Trust, a trust created to invest and hold substantially all of its assets in physical platinum and palladium bullion and managed by Sprott, has agreed to issue in its IPO of 28,000,000 transferable, redeemable units of the Trust at $10.00 per Unit, for gross proceeds of US$280,000,000. As part of the Offering, the Trust has granted the underwriters an over-allotment option which is exercisable in whole or in part to purchase up to an additional 4,200,000 Units at US$10.00 per Unit.

The units will be listed on the NYSE Arca and the Toronto Stock Exchange under the symbols 'SPPP' and 'PPT.U', respectively. The Offering was made simultaneously in the United States and Canada. Morgan Stanley and RBC Capital Markets acted as global co-ordinators for the Offering. Morgan Stanley, RBC Capital Markets, Bank of America/Merrill Lynch and UBS Investment Bank acted as joint book-running underwriters for the Offering in the United States. The Canadian syndicate includes RBC Capital Markets, Morgan Stanley, BMO Nesbitt Burns, Canaccord Genuity, CIBC World Markets, National Bank Financial, TD Securities, Scotia Capital, GMP Securities, Desjardins Securities, Macquarie Private Wealth, Raymond James and UBS Securities Canada.

For MarketNewsVideo.com, I'm Sayoko Murase.

Sprott Physical Platinum and Palladium Trust Announces IPO of 28,000,000 Trust Units picture
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Sprott Physical Platinum and Palladium Trust Announces IPO of 28,000,000 Trust Units | Market News Video | Copyright © 2008 - 2016, All Rights Reserved

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