Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Tuesday, April 23, 10:26 PM
Slide #138. Partners Value Split Corp. — Preferred Stock Offering
| Company: |
Partners Value Split Corp. (NYSE:BAM) |
| Date announced: |
2/20/2020 |
| Shares Offered: |
6,000,000 |
| Date of Pricing: |
2/20/2020 |
| Price Per Share: |
$25.00 |
| Preferred Stock Offering Details: |
Partners Value Split Corp. (the "Company") announced today that it has entered into an agreement to sell 6,000,000 Class AA Preferred Shares, Series 10 (the "Series 10 Preferred Shares") to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. on a bought deal basis. The Series 10 Preferred Shares will be issued at a price of $25.00 per share, for gross proceeds of $150,000,000. The Series 10 Preferred Shares will carry a fixed coupon of 4.70% and will have a final maturity of February 28, 2027. The Series 10 Preferred Shares have a provisional rating of Pfd-2 (low) from DBRS Limited. The net proceeds of the offering will be used to pay a special dividend on the Company's capital shares. The Company has granted the underwriters an option, exercisable in whole or part prior to closing, to purchase up to an additional 2,000,000 Series 10 Preferred Shares at the same offering price, which, if exercised, would increase the gross offering size to $200,000,000. Closing of the offering is expected to occur on or about March 2, 2020. |
Brookfield Asset Management is an alternative asset manager, with assets under management across renewable power and transition, infrastructure, private equity, real estate and credit. Co. focuses on real assets and essential service businesses.
Preferreds: BAM.PRB.CA, BAM.PRC.CA, BAM.PRE.CA, BAM.PRG.CA, BAM.PRI.CA, BAM.PRJ.CA, BAM.PRK.CA, BAM.PRL.CA, BAM.PRM.CA, BAM.PRN.CA, BAM.PRO.CA, BAM.PRP.CA, BAM.PRR.CA, BAM.PRT.CA, BAM.PRX.CA, BAM.PRZ.CA
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