BNA.PR.F Slides on Poor Volume

Partners Value Split Corp. has announced:

the completion of its previously announced issue of 8,000,000 Class AA Preferred Shares, Series 6 (the “Series 6 Preferred Shares”) at an offering price of $25.00 per Series 6 Preferred Share, raising gross proceeds of $200,000,000. The Series 6 Preferred Shares carry quarterly fixed cumulative preferential dividends representing a 4.50% annualized yield on the offering price and have a final maturity of October 8, 2021. The net proceeds of the offering will be used to redeem the Company’s outstanding Class AA Preferred Shares, Series 4 and to pay a special cash dividend to holders of the Company’s capital shares. The Company has granted the underwriters an option, exercisable at any time, not later than 30 days after closing, to purchase up to an additional 1,200,000 Series 6 Preferred Shares, which, if exercised, would increase the gross offering size to $230,000,000.

The Series 6 Preferred Shares have been listed and posted for trading on the Toronto Stock Exchange under the symbol BNA.PR.F.

Prior to the closing of the offering, the Company subdivided the existing capital shares held by Partners Value Fund Inc. so that there are an equal number of preferred shares and capital shares outstanding.

The Company owns a portfolio consisting of 53,160,644 Class A Limited Voting Shares of Brookfield Asset Management Inc. (the “Brookfield Shares”) which is expected to yield quarterly dividends that are sufficient to fund quarterly fixed cumulative preferential dividends for the holders of the Company’s preferred shares and to enable the holders of the Company’s capital shares to participate in any capital appreciation of the Brookfield Shares. Brookfield Asset Management Inc. is a global alternative asset manager with over US$175 billion in assets under management. For more than 100 years Brookfield has owned and operated assets on behalf of shareholders and clients with a focus on property, renewable energy, infrastructure and private equity. Brookfield has a range of public and private investment products and services which leverage its expertise and experience. Brookfield Shares are co-listed on the New York Stock Exchange under the symbol “BAM”, the TSX under the symbol “BAM.A” and the NYSE Euronext under the symbol “BAMA”.

BNA.PR.F is a SplitShare, 4.50%, with 7-year term, announced June 16. It will be tracked by HIMIPref™ and has been assigned to the SplitShares subindex. It is rated Pfd-2(low) by DBRS.

The issue traded 148,800 shares today in a range of 24.70-85 before closing at 24.70-71, 16×3. Vital statistics are:

Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 4.71 %

2 Responses to “BNA.PR.F Slides on Poor Volume”

  1. prefQC says:

    Have BNA.PR shares changed symbol to PVS.PR today? There seems to be no announcement on the Partners Value Split web site…
    What’s more, it seems (according to my iTrade account) that BNA.PR.F has become PVS.PR.D.
    Do you have any news?

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