Announcement of Public Offering by Partners Value Split Corp.
TORONTO – Partners Value Split Corp. has officially announced its plans for a significant public offering of Class AA Preferred Shares, Series 16. The offering seeks to raise a total of US$75 million through the sale of 3,000,000 shares at a price of US$25.00 each.
Details of the Series 16 Preferred Shares
The newly introduced Series 16 Preferred Shares are designed to attract investors with their fixed coupon of 5.40%. These shares are expected to mature on March 31, 2032, and have been provisionally rated Pfd-2 by DBRS Limited, reflecting a solid investment opportunity.
Underwriting and Gross Proceeds
A syndicate of leading underwriters, including Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, and TD Securities Inc., will manage the offering. Additionally, the underwriters have the option to purchase an extra 1,000,000 shares, allowing the total gross proceeds to rise to US$100 million if fully exercised.
Usage of Proceeds
The proceeds from this offering will primarily support the distribution process for shareholders of the Company’s capital shares. This strategic move not only enhances financial stability but also aims to deliver attractive returns for the investors.
Investments in Brookfield Securities
Partners Value Split Corp. holds a diversified portfolio consisting of approximately 120 million Class A Limited Voting Shares of Brookfield Corporation and about 30 million shares of Brookfield Asset Management Ltd. These investments are expected to generate substantial quarterly dividends, ensuring that the dividends for the preferred shares are adequately funded.
Insight into Brookfield Corporation
Brookfield Corporation stands as a foremost player in global investments, dedicated to fostering long-term wealth creation for clients worldwide. Its extensive operations encompass alternative asset management, wealth solutions, and various sectors like renewable energy, infrastructure, and real estate.
Overview of Brookfield Asset Management Ltd.
Brookfield Asset Management Ltd. is another leader in the alternative investment landscape, managing over US$1 trillion in assets. Its diversified focus stretches across renewable energy, real estate, and other sectors, with a goal of generating significant, long-term returns for its clientele.
Key Contact Information
For inquiries about this offering, Jason Weckwerth, the Chief Financial Officer, can be reached directly at (416) 363-9491.
Frequently Asked Questions
What is Partners Value Split Corp. offering?
They are offering a public issuance of Class AA Preferred Shares, Series 16, to raise US$75 million.
What is the fixed coupon rate of the new preferred shares?
The Series 16 Preferred Shares carry a fixed coupon rate of 5.40%.
Who are the underwriters for the offering?
The offering is managed by a syndicate that includes Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, and TD Securities Inc.
What will the proceeds from the offering be used for?
The proceeds will be primarily used to make distributions to holders of the Company’s capital shares.
What securities does the Company currently hold?
Partners Value Split Corp. owns approximately 120 million shares of Brookfield Corporation and around 30 million shares of Brookfield Asset Management Ltd.
