By Cristal Cody
Tupelo, Miss., Nov. 15 – Partners Value Split Corp. priced C$150 million of cumulative class AA seven-year preferred shares with a 4.9% dividend on Thursday, according to a term sheet.
The company sold 6 million shares of the preferred stock (DBRS: Pfd-2) at C$25.00 per share.
The deal includes an underwriters’ option to purchase an additional C$50 million, or 2 million shares, of the preferred stock.
Scotia Capital Inc., BMO Capital Markets Corp., CIBC World Markets Inc., RBC Capital Markets (Canada) Ltd. and TD Securities Inc. were the bookrunners.
Partners Value plans to use the proceeds to redeem 7,631,100 outstanding series 3 class AA preferred shares.
The new issue preferreds will be listed for trading on the Toronto Stock Exchange.
Partners Value Split is a Toronto-based fund that owns a portfolio of class A limited voting shares of Brookfield Asset Management Inc.
| Issuer: | Partners Value Split Corp.
|
| Amount: | C$150 million, 6 million preferred shares
|
| Greenshoe: | C$50 million, 2 million preferred shares
|
| Maturity: | Feb. 28, 2026
|
| Securities: | Series 9 cumulative class AA preferred shares
|
| Bookrunners: | Scotia Capital Inc., BMO Capital Markets Corp., CIBC World Markets Inc., RBC Capital Markets (Canada) Ltd. and TD Securities Inc.
|
| Dividend: | 4.9%
|
| Price: | C$25.00 per share
|
| Call features: | Before Feb. 28, 2024 at C$26.00 per share; on or after Feb. 28, 2024 and before Feb. 28, 2026 at C$25.50 per share and on Feb. 28, 2025 at C$25.00 per share; Feb. 28, 2026 at price equal to lesser of par and net asset value per unit
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 26
|
| Rating: | DBRS: Pfd-2
|
| Distribution: | Canada
|
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