By Cristal Cody
Tupelo, Miss., Oct. 20 – Partners Value Split Corp. announced on Tuesday that it sold C$100 million of class AA preferred shares due Oct. 31, 2022 with a 5.5% annual dividend.
The company sold 4 million shares of the series 7 preferred stock (DBRS: Pfd-2 (low)) at C$25.00 per share.
The deal includes an over-allotment option of C$50 million, or 2 million shares.
Scotia Capital Inc., CIBC World Markets Inc., RBC Capital Markets (Canada) Ltd. and TD Securities Inc. were the lead managers.
The proceeds of the offering will be used to redeem the company’s outstanding series 1 class AA preferred shares and to pay a special dividend to holders of the company’s capital shares.
Toronto-based Partners Value Split owns a portfolio of 79,740,966 class A limited voting shares of Brookfield Asset Management Inc. The portfolio is expected to yield quarterly dividends to fund quarterly fixed cumulative preferential dividends for the holders of the company’s preferred shares and to enable the holders of its capital shares to participate in any capital appreciation of the Brookfield shares.
| Issuer: | Partners Value Split Corp.
|
| Amount: | C$100 million, 4 million shares
|
| Greenshoe: | C$50 million, 2 million shares
|
| Maturity: | Oct. 31, 2022
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| Securities: | Class AA preferred shares
|
| Bookrunners: | Scotia Capital Inc., CIBC World Markets Inc., RBC Capital Markets (Canada) Ltd. and TD Securities Inc.
|
| Dividend: | 5.5%
|
| Price: | C$25.00 per share
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 29
|
| Ratings: | DBRS: Pfd-2 (low)
|
| Distribution: | Canada
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