By Cristal Cody
Tupelo, Miss., June 16 – Partners Value Split Corp., formerly known as BAM Split Corp., announced on Monday that it sold C$200 million of class AA preferred shares due Oct. 8, 2021 (DBRS: Pfd-2) with a 4.5% fixed dividend.
The company priced 8 million shares of the series 6 preferred stock at C$25.00 per share.
The deal includes an over-allotment option of C$30 million, or 1.2 million shares.
Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc. were the lead managers.
Proceeds will be used to redeem the company’s outstanding series 4 class AA preferred shares and to pay a special cash dividend to capital shareholders.
Toronto-based Partners Value Split owns a portfolio of 53,160,644 shares of class A limited voting stock of Brookfield Asset Management Inc. The Brookfield shares are expected to yield quarterly dividends sufficient to fund quarterly fixed cumulative preferential dividends for the company’s preferred shareholders and to enable holders of the company’s capital shares to participate in any capital appreciation of the Brookfield shares.
| Issuer: | Partners Value Split Corp.
|
| Amount: | C$200 million, 8 million shares
|
| Greenshoe: | C$30 million, 1.2 million shares
|
| Maturity: | Oct. 8, 2021
|
| Securities: | Preferred shares
|
| Bookrunners: | Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc.
|
| Dividend: | 4.5%
|
| Price: | C$25.00 per share
|
| Pricing date: | June 16
|
| Settlement date: | July 4
|
| Rating: | DBRS: Pfd-2
|
| Distribution: | Canada
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
