Chicago, March 25 – Partners Value Split Corp. sold an offering for C$150 million of 4.45% class AA preferred shares, series 13 (DBRS: Pfd-2 (low)), according to a press release.
The company started the offer with a projected C$100 million size, or 4 million shares, but ultimately sold 6 million of the C$25-par shares through the exercise of the over-allotment option.
Dividends will be payable quarterly.
The final maturity date is May 31, 2029.
Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. led the bought deal.
Proceeds will be used to pay a special dividend on the company’s capital shares.
Listing of shares will be on the Toronto Stock Exchange under the symbol “PVSPrK.”
Before the offer closed, the company subdivided the existing capital shares held by Partners Value Investments Inc. so that there are equal numbers of preferred shares and capital shares outstanding.
Partners Value is a Toronto-based financial services company.
| Issuer: | Partners Value Split Corp.
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| Amount: | C$150 million
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| Issue: | Series AA preferred shares, series 13
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| Maturity: | May 31, 2029
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| Bookrunners: | Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc.
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| Dividend: | 4.45%
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| Settlement date: | March 25
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| Rating: | DBRS: Pfd-2 (low)
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| Symbol: | TSX: PVSPrK
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| Distribution: | Bought deal
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