Big Pharma Split Corp.: Rating Report

DBRS Limited (DBRS) assigned a new rating of Pfd-3 (high) to the Preferred Shares (the Preferred Shares) issued by Big Pharma Split Corp. (the Company). The Company completed an initial offering by issuing an equal number (1,360,000) of Preferred Shares at $10 each and Class A Shares (the Class A Shares) at $15 each. Holders of the Preferred Shares will be entitled to receive a quarterly fixed cumulative dividend in the amount of $0.125 per share to yield 5.00% per annum on the issue price of $10.00. Holders of the Class A Shares will receive regular monthly non-cumulative distributions targeted to be $0.1031 per Class A Share to yield 8.25% per annum on the issue price of $15.00. The Class A Share distributions are subject to the asset coverage test, which does not permit any distributions to holders of the Class A Shares if the net asset value (NAV) of the Company falls below $15.00 or if the dividends of the Preferred Shares are in arrears.