Partners Value Split Corp. has announced (but not yet on their website because, my God, these people are lazy):
the completion of its previously announced offering of Class AA Preferred Shares, Series 18 (the “Series 18 Preferred Shares”). A total of 6,000,000 Series 18 Preferred Shares were issued at an offering price of $25.00 per Series 18 Preferred Share, raising gross proceeds of $150,000,000. The issuance included 1,000,000 Series 18 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 18 Preferred Shares carry quarterly fixed cumulative preferential dividends representing a 5.30% annualized yield on the offering price and have a final maturity of September 29, 2033. The Series 18 Preferred Shares have been listed and posted for trading on the Toronto Stock Exchange under the symbol PVS.PR.N.
PVS.PR.N is a SplitShare issued with a seven-year term and a 5.30% dividend rate, announced 2026-10-7. It has a long first coupon.
The issue traded 362,090 shares today (consolidated: 603,750) in a range of 24.79-90 before closing at 24.77-85. Vital statistics are:
| PVS.PR.N | SplitShare | 362,091 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2033-09-29 Maturity Price : 25.00 Evaluated at bid price : 24.77 Bid-YTW : 5.48 % |
DBRS confirmed the provisional Pfd-2 rating for this issue and confirmed the rating on PVS’ other issues (PVS.PR.H, PVS.PR.J, PVS.PR.K, PVS.PR.L and PVS.PR.M):
DBRS Limited (Morningstar DBRS) finalized its provisional credit rating of Pfd-2 on the Class AA Preferred Shares, Series 18 (the Series 18 Preferred Shares) issued by Partners Value Split Corp. (the Company). Morningstar DBRS also confirmed the credit ratings on the Class AA Preferred Shares, Series 10; the Class AA Preferred Shares, Series 12; the Class AA Preferred Shares, Series 13; the Class AA Preferred Shares, Series 14; the Class AA Preferred Shares, Series 15; the Class AA Preferred Shares, Series 16; and the Class AA Preferred Shares, Series 17 (collectively, the Class AA Preferred Shares) at Pfd-2.
The Series 18 Preferred Shares will be entitled to a fixed quarterly cumulative preferential dividend of $0.33125 per share to yield 5.30% per annum on the issue price of $25.00. The maturity date for the Series 18 Preferred Shares will be September 29, 2033. Prior to the issuance of the Series 18 Preferred Shares, the Company will subdivide the existing Capital Shares, so that after the closing of the offering, the aggregate number of preferred shares (Class AA Preferred Shares and Junior Preferred Shares) outstanding and the aggregate number of Capital Shares outstanding will be equal.