By James McCandless
San Antonio, Feb. 20 – Partners Value Split Corp. priced a C$150 million offering of series 10 class AA preferred stock (DBRS: PFd-2) with a dividend of 4.7% at par on Thursday, according to a press release.
There is a C$50 million greenshoe.
BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. are the underwriters.
The preferreds will have a final maturity on Feb. 28, 2027.
The company plans to use the proceeds to pay a special dividend on its capital shares.
Partners Value is a Toronto-based financial services company.
| Issuer: | Partners Value Split Corp.
|
| Description: | Series 10 class AA preferred stock
|
| Amount: | C$150 million, or 6 million shares
|
| Greenshoe: | C$50 million, or 2 million shares
|
| Maturity: | Feb. 28, 2027
|
| Underwriters: | BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc.
|
| Dividend: | 4.7%
|
| Price: | Par of C$25.00
|
| Yield: | 4.7%
|
| Call: | Final maturity of Feb. 28, 2027
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 2
|
| Rating: | DBRS: Pfd-2 (low)
|
| Distribution: | Canada
|
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