Partners Value Split completes C$150 million public offering of Class AA preferred shares, Series 13

Torys acted as counsel to Partners Value Split with a team that included Jim Hong, Paulina Taneva and Ronen Nehmad (corporate/securities).

On March 25, 2022, Partners Value Split Corp. announced that it completed the issuance of 6,000,000 Class AA preferred shares, Series 13, inclusive of 2,000,000 preferred shares issued pursuant to an underwriters’ option, at an offering price of C$25.00 per share, for gross proceeds of C$150,000,000. The preferred shares carry quarterly fixed cumulative preferential dividends representing a 4.45% annualized yield on the offering price and have a final maturity of May 31, 2029.

The net proceeds will be used by the company to pay a special dividend on its capital shares.

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

Partners Value Split owns a portfolio consisting of approximately 119.6 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 Partners Value Split’s preferred shares, and provide the holders of the Partners Value Split's capital shares the opportunity to participate in any capital appreciation in the Brookfield Shares.