Partners Value greenshoe ups class AA preferreds to C$172.5 million

By Marisa Wong

Los Angeles, April 16 – The underwriters of Partners Value Split Corp.’s recently upsized offering of 4.4% class AA preferred shares, series 12, due Feb. 29, 2028 exercised their C$22.5 million over-allotment option in full, according to a press release.

This brings the total issue size to C$172.5 million.

Partners Value priced the original 4 million class AA preferred shares on a bought-deal basis on March 19 at par of C$25.00 for gross proceeds of C$100 million.

On April 12 the company announced that it closed the offering after upsizing the issue to C$150 million. At the same time, the company increased the greenshoe to 900,000 shares from 600,000 shares, or to C$22.5 million from C$15 million.

The syndicate of underwriters was led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc.

The proceeds will be used to partially fund the redemption of Partners Value’s class AA preferred shares, series 7.

Partners Value is a Toronto-based financial services company.

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