Partners Value Split closes $100M (U.S.) offering

Executive Summary

• Partners Value Split Corp. completed a public offering of Class AA Preferred Shares, Series 16, raising gross proceeds of $100 million (U.S.).
• The offering consisted of 4 million shares issued at $25 (U.S.) per share, including the full exercise of the underwriters' over-allotment option.
• Net proceeds will be used to make distributions to holders of the company's capital shares, supported by dividends from the company's portfolio of Brookfield Corp. and Brookfield Asset Management Ltd. shares.

Key Details

• Gross Proceeds: $100,000,000 (U.S.)
• Instrument: Class AA Preferred Shares, Series 16
• Quantity Issued: 4,000,000 shares
• Offering Price: $25 (U.S.) per share
• Underwriter Option: The issuance included 1,000,000 shares issued pursuant to the full exercise of the underwriters' option.
• Dividend Terms: Quarterly fixed cumulative preferential dividends representing a 5.40% annualized yield on the offering price.
• Maturity Date: March 31, 2032
• Listing: Listed and posted for trading on the Toronto Stock Exchange under the symbol PVS.PR.U.
• Use of Proceeds: Net proceeds to be used by the company to make distributions to the holders of the company's capital shares.
• Capital Structure Adjustment: Prior to closing, the company subdivided existing capital shares held by Partners Value Investments Inc. to equalize the number of preferred shares and capital shares outstanding.
• Portfolio Holdings: The company owns approximately 120 million Class A limited voting shares of Brookfield Corp. and approximately 30 million Class A limited voting shares of Brookfield Asset Management Ltd. (BAM).
• Dividend Coverage: Expected quarterly dividends from the Brookfield portfolio are sufficient to finance the quarterly fixed cumulative preferential dividends for preferred share holders and enable capital share holders to participate in capital appreciation.

Notable Quotes

• None provided in the text.