Partners Value Split completes offering of C$172.5 million Class AA preferred shares, Series 12

On April 12, 2021, Partners Value Split Corp. (the “Company”) announced that it completed the issuance of 6,000,000 Class AA preferred shares, Series 12 at an offering price of C$25.00 per share, for gross proceeds of C$150 million. The preferred shares carry quarterly fixed cumulative preferential dividends representing a 4.40% annualized yield on the offering price and have a final maturity of February 29, 2028. 

The Company also granted the underwriters an over-allotment option, exercisable at any time, not later than 30 days after closing of the offering, to purchase up to an additional 900,000 preferred shares at the offering price. The underwriters exercised the option in full on April 16, 2021, increasing the total gross ;proceeds to C$172.5 million.

The net proceeds of the offering (including proceeds from the over-allotment) will be used to fund the redemption of the Company’s Class AA preferred shares, Series 7 and pay a special dividend to the holder of the Company’s capital shares.

Further information can be found on Globe Newswire’s website.

Partners Value Split owns a portfolio consisting of approximately 120 million Class A limited voting shares of Brookfield Asset Management Inc. (the “Brookfield Shares”) which generate cash flow through dividend payments that fund quarterly fixed cumulative preferential dividends for the holders of the Company's preferred shares, and provide the holders of the Company's Capital shares the opportunity to participate in any capital appreciation in the Brookfield Shares.