By Taylor Fox
New York, March 19 – Partners Value Split Corp. priced C$100 million, or 4 million, of 4.4% class AA preferred shares, series 12, due Feb. 29, 2028 through a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. on a bought-deal basis, according to a news release.
The preferreds will be issued at par of C$25.00.
The proceeds will be used to partially fund the redemption of Partners Value’s class AA preferred shares, series 7.
There is a C$15 million, or 600,000 share, over-allotment option for 30 days following the closing of the offering.
Closing of the offering is expected to occur on or about April 12.
Partners Value is a Toronto-based financial services company.
| Issuer: | Partners Value Split Corp.
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| Issue: | Class AA preferred shares, series 12
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| Amount: | C$100 million, or 4 million shares
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| Greenshoe: | C$15 million, or 600,000 shares
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| Maturity: | Feb. 29, 2028
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| Underwriters: | Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc.
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| Dividend: | 4.4%
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| Price: | Par of C$25.00
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| Yield: | 4.4%
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| Pricing date: | March 19
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| Settlement date: | April 12
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| Rating: | DBRS: Pfd-2 (low)
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