Partners Value arranges $100-million (U.S.) offering

Executive Summary

• Partners Value Split Corp. announced a $100 million (U.S.) public offering of 4 million Class AA Preferred Shares, Series 17, on a bought-deal basis led by a syndicate of major Canadian banks.
• The preferred shares carry a fixed coupon of 5.25% and have a final maturity date of January 31, 2033, with a provisional rating of Pfd-2 from DBRS Ltd.
• Net proceeds will be used to pay distributions to holders of the company's capital shares, funded by dividends from the company's portfolio of Brookfield Corp. and Brookfield Asset Management Ltd. shares.

Key Details

• Transaction Structure: Bought-deal public offering of Class AA Preferred Shares, Series 17.
• Underwriters: Syndicate led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, and TD Securities Inc.
• Pricing: $25.00 (U.S.) per share.
• Gross Proceeds: $100,000,000 (U.S.) for the initial 4 million shares.
• Over-Allotment Option: Underwriters granted an option to purchase up to an additional 1 million shares at the same price, potentially increasing gross proceeds to $125,000,000 (U.S.).
• Coupon Rate: Fixed 5.25%.
• Maturity Date: January 31, 2033.
• Credit Rating: Provisional Pfd-2 from DBRS Ltd.
• Use of Proceeds: To make distributions to holders of the company's capital shares.
• Closing Date: Expected on or about November 13, 2025.
• Portfolio Assets: The company holds approximately 179 million Class A limited voting shares of Brookfield Corp. and approximately 25 million Class A limited voting shares of Brookfield Asset Management Ltd.
• Dividend Coverage: Expected quarterly dividends from the Brookfield securities are sufficient to finance the quarterly fixed cumulative preferential dividends for the preferred shares and allow capital share holders to participate in capital appreciation.