By Cristal Cody
Tupelo, Miss., Sept. 7 – Partners Value Split Corp. priced C$125 million of series 8 class AA preferred shares with a 4.8% fixed coupon and a final maturity of Sept. 30, 2024, according to a company news release on Thursday.
The company sold 5 million shares of the preferred stock (DBRS: Pfd-2) at C$25.00 per share.
The deal includes an underwriters’ option to purchase up to an additional 1 million shares, or C$25 million.
Scotia Capital Inc., CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. were the lead managers.
The company intends to use the proceeds to redeem its outstanding series 5 class AA preferred shares and to pay a special dividend to holders of the company’s capital shares.
Partners Value Split is a Toronto-based fund that owns a portfolio of 79,740,966 class A limited voting shares of Brookfield Asset Management Inc.
| Issuer: | Partners Value Split Corp.
|
| Amount: | C$125 million, 5 million preferred shares
|
| Greenshoe: | C$25 million, 1 million preferred shares
|
| Maturity: | Sept. 30, 2024
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| Securities: | Class AA preferred shares
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| Bookrunners: | Scotia Capital Inc., CIBC Capital Markets, RBC Capital Markets and TD Securities Inc.
|
| Dividend: | 4.8%
|
| Price: | C$25.00 per share
|
| Pricing date: | Sept. 7
|
| Settlement date: | Sept. 18
|
| Rating: | DBRS: Pfd-2
|
| Distribution: | Canada
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