Partners Value Split Corp. Launches Major Preferred Shares Offering
Major Announcement by Partners Value Split Corp.
Partners Value Split Corp. has made waves in the market with its recent announcement regarding the public offering of its Class AA Preferred Shares, Series 14. This decision signals a strategic move designed to bolster its financial position and provide value for shareholders. The company is set to issue 5,000,000 preferred shares at a price of $25.00 each, which is expected to yield an impressive $125 million in gross proceeds.
Details of the Preferred Share Offering
The Series 14 Preferred Shares will come with a fixed coupon of 5.50%. Investors should note that these shares have a final maturity set for June 30, 2030, showcasing a long-term investment opportunity. They also hold a provisional rating of Pfd-2 from DBRS Limited, indicating a solid standing in the market.
Use of Proceeds from the Offering
The proceeds from this significant offering will be utilized primarily for the redemption of the company's outstanding Class AA Preferred Shares, Series 8, alongside funding a special dividend on its capital shares. This strategic allocation of funds illustrates the company's commitment to enhancing shareholder returns and solidifying its capital structure.
Underwriter Participation
A syndicate of prestigious underwriters, led by Scotiabank, along with BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, and TD Securities Inc., will assist with this offering. Importantly, the underwriters have been granted an option to purchase an additional 1,000,000 Series 14 Preferred Shares, resulting in a potential total offering size of $150 million. This flexibility indicates strong market confidence in Partners Value Split Corp.
Strategic Portfolio Holdings
Partners Value Split Corp. boasts an impressive portfolio, including approximately 119 million Class A Limited Voting Shares of Brookfield Corporation and about 30 million shares of Brookfield Asset Management Ltd. Collectively, these assets are expected to generate robust quarterly dividends, fortifying the company’s capability to meet its financial obligations to preferred shareholders.
Overview of Brookfield Corporation and Brookfield Asset Management
Brookfield Corporation stands as a leading global investment firm committed to creating sustained long-term wealth for both institutions and individual investors. It operates across several core sectors, including alternative asset management, wealth solutions, and foundational businesses such as renewable power, infrastructure, business services, and real estate. Investors can find Brookfield Corporation listed on both the New York and Toronto Stock Exchanges under the symbol BN.
Similarly, Brookfield Asset Management Ltd., often referred to as BAM, excels as a global alternative asset manager. With nearly US$1 trillion in assets under management, BAM focuses on diverse sectors such as renewable power, infrastructure, private equity, real estate, and credit. The firm aims to provide attractive, long-term, risk-adjusted returns for its clients and stakeholders, and it is listed under the symbol BAM on both the New York and Toronto Stock Exchanges.
Engaging with the Company
Jason Weckwerth, the Chief Financial Officer of Partners Value Split Corp., is available to address any inquiries related to this offering. Interested parties can reach out at (416) 363-9491, demonstrating the company’s eagerness to engage with potential investors and the public.
Frequently Asked Questions
What is the purpose of the Class AA Preferred Shares offering?
The offering aims to raise funds for redeeming outstanding preferred shares and paying a special dividend on capital shares.
Who are the underwriters for this offering?
The syndicate includes major institutions like Scotiabank, BMO Capital Markets, and others.
What is the maturity date for the Series 14 Preferred Shares?
The final maturity date is set for June 30, 2030.
What are the expected dividends from the Brookfield Securities?
The Brookfield Securities are anticipated to yield dividends sufficient to cover quarterly fixed cumulative preferential dividends for preferred shareholders.
How can investors contact the company for more information?
Investors can reach Jason Weckwerth, the CFO, at (416) 363-9491 for any related questions.
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