DBRS rates Partners Value preferreds Pfd-2 (low)

DBRS said it assigned a provisional rating of Pfd-2 (low) to the series 7 class AA preferred shares to be issued by Partners Value Split Corp.

As of Oct. 20, the company had series 1, 3, 5 and 6 class AA preferred shares outstanding.

Proceeds from the series 7 offering will be used to fund the redemptions of the previously issued series 1 class AA preferreds on their scheduled maturity date of March 25, 2016. To the extent that net proceeds from the offering exceed funding requirements associated with the redemptions, the company will distribute such net proceeds to holders of the capital shares as a special dividend.

All class AA preferred shares rank senior to the capital shares, the Class AAA preferreds and the junior preferreds and pari passu with all other class AA preferreds with respect to payment of dividends and repayment of principal.

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