Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thu, August 11, 2:16 PM
This Slide: #100 of 582 |
Slide #100. 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. Co. has assets under management across a portfolio of renewable power and transition, infrastructure, private equity, real estate and credit. Co.'s segments include: asset management business, which includes managing its private funds, perpetual strategies and liquid strategies; Renewable Power and Transition business, which includes the ownership, operation and development of hydroelectric, wind, and energy transition power generating assets; Infrastructure business; Private Equity business; Real Estate business, which includes the ownership, operation and development of key investments; and Residential Development business.
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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