Partners Value Split’s C$150 Million Class AA Preferred Shares Offering

Torys LLP acted as counsel to Partners Value Split on the deal.

Partners Value Split Corp. 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.

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.

The Torys’ team consisted of Jim Hong (Picture), Paulina Taneva and Ronen Nehmad (corporate/securities).

Involved fees earner: Jim Hong – Torys LLP; Ronen Nehmad – Torys LLP; Paulina Taneva – Torys LLP;

Law Firms: Torys LLP;

Clients: Partners Value Split Corp.;

Sonia Carcano

Author: Sonia Carcano