PrefBlog

Partners Value Split Corp. has announced (although not yet on their website):

the completion of its previously announced offering of Class AA Preferred Shares, Series 14 (the “Series 14 Preferred Shares”). A total of 6,000,000 Series 14 Preferred Shares were issued at an offering price of $25.00 per Series 14 Preferred Share, raising gross proceeds of $150,000,000. The issuance included 1,000,000 Series 14 Preferred Shares issued pursuant to the exercise, in full, of the underwriters’ option granted by the Company to the underwriters in the offering. The Series 14 Preferred Shares carry quarterly fixed cumulative preferential dividends representing a 5.50% annualized yield on the offering price and have a final maturity of June 30, 2030. The Series 14 Preferred Shares have been listed and posted for trading on the Toronto Stock Exchange under the symbol PVS.PR.L.

The net proceeds of the offering will be used by the Company in connection with the Company’s redemption of its outstanding Class AA Preferred Shares, Series 8 and to pay a special dividend on the Company’s capital shares.

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

The Company owns a portfolio consisting of approximately 120 million Class A Limited Voting Shares of Brookfield Corporation and approximately 30 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. (collectively, the “Brookfield Securities”), which are 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 Securities.

Brookfield Corporation is a leading global investment firm focused on building long term-wealth for institutions and individuals around the world. Brookfield Corporation has three core businesses: alternative asset management, wealth solutions, and its operating businesses which are in renewable power, infrastructure, business and industrial services, and real estate. Brookfield Corporation is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BN.

Brookfield Asset Management Ltd. (“BAM”) is a leading global alternative asset manager with approximately US$1 trillion of assets under management across renewable power & transition, infrastructure, private equity, real estate, and credit. BAM’s objective is to generate attractive, long-term risk-adjusted returns for the benefit of its clients and shareholders. BAM is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BAM.

PVS.PR.L is a new issue announced 2024-9-23.

Vital statistics are:

This entry was posted on Friday, September 27th, 2024 at 9:27 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.