Partners Value Split Corp. Launches $125 Million Share Offering
Partners Value Split Corp. Shares Major Offering Details
Partners Value Split Corp. has taken a significant step by announcing a public offering of Class AA Preferred Shares, Series 14. In this latest effort, the company is poised to raise an impressive $125 million through the sale of shares, with the underwriters including top-tier financial institutions.
Details of the Offering
The company aims to issue 5 million Class AA Preferred Shares at a price of $25 each, translating to gross proceeds of $125 million. These preferred shares will feature a fixed coupon rate of 5.50%, with a final maturity set for June 30, 2030. The Series 14 Preferred Shares have received a provisional rating of Pfd-2 from DBRS Limited, indicating a strong position in the market.
Underwriter Options and Potential for Growth
Additionally, the underwriters have an option to purchase up to 1 million more shares at the same offering price. If fully exercised, this could drive the gross size of the offering to an impressive $150 million. The closing date of the offering is anticipated to be around late September.
Understanding the Company's Portfolio
At the heart of Partners Value Split Corp.'s strategy lies a robust portfolio, which includes around 119 million Class A Limited Voting Shares of Brookfield Corporation and 30 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. This collection, referred to as Brookfield Securities, is expected to yield consistent quarterly dividends. These dividends will not only support the ongoing payment of fixed cumulative preferential dividends but will also allow capital shareholders to benefit from the capital appreciation arising from these securities.
About Brookfield Corporation and BAM
Brookfield Corporation serves as a leading global investment firm dedicated to creating long-term wealth for both institutions and individual investors. The firm operates across three main sectors: alternative asset management, wealth solutions, and its operational businesses, which encompass renewable power, infrastructure, business services, and real estate. Its presence on major exchanges highlights its established pedigree in the investment community.
Similarly, Brookfield Asset Management Ltd. (BAM) stands out as a premier global alternative asset manager, boasting approximately $1 trillion in assets under management. BAM's diverse focus covers renewable power, infrastructure, private equity, real estate, and credit, positioning it as an innovator in generating attractive, long-term risk-adjusted returns for clients and shareholders alike. It is also listed on the New York Stock Exchange and Toronto Stock Exchange.
Future Prospects for Shareholders
The offering of these preferred shares represents a forward-looking financial strategy for Partners Value Split Corp. With sound investments in Brookfield Securities, the company is well-positioned to deliver value to its shareholders. Investing in preferred shares often provides security and steady income, appealing to a broad range of investors seeking stable returns.
Investors should take note that the company remains committed to transparency and financial integrity. Those interested in the financial details or having queries can reach out to Jason Weckwerth, Chief Financial Officer, available for inquiries.
Frequently Asked Questions
What is the purpose of the public offering by Partners Value Split Corp.?
The public offering aims to raise $125 million to aid in the redemption of outstanding preferred shares and provide capital for dividend payments.
What is the coupon rate for the Class AA Preferred Shares?
The Class AA Preferred Shares will have a fixed coupon rate of 5.50%.
Who are the underwriters involved in this offering?
The underwriters include Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, and TD Securities Inc.
How many shares are being issued in this offering?
The company is issuing 5 million Class AA Preferred Shares, with an option for underwriters to purchase an additional 1 million shares.
What are Brookfield Corporation and BAM known for?
Brookfield Corporation focuses on long-term wealth creation and operates in various sectors, while BAM is a leader in alternative asset management with a diverse asset base.
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