Partners Value Split Corp. Announces $125,000,000 Public Offering of Class AA Preferred Shares, Series 14

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES TORONTO, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Partners Value Split Corp. (the "Company") announced today that it has entered into an agreement to sell 5,000,000 Class AA Preferred Shares, Series 14 (the "Series 14 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 14 Preferred Shares will be issued at a price of $25.00 per share, for gross proceeds of $125,000,000. The Series 14 Preferred Shares will carry a fixed coupon of 5.50% and will have a final maturity of June 30, 2030. The Series 14 Preferred Shares have a provisional rating of Pfd-2 from DBRS Limited. The net proceeds of the offering will be used by the Company in connection with the Company's redemption of its outstanding Class AA Preferred Shares, Series 8 and 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 1,000,000 Series 14 Preferred Shares at the same offering price, which, if exercised in full, would increase the gross offering size to $150,000,000. Closing of the offering is expected to occur on or about September 27, 2024. The Company owns a portfolio consisting of approximately 119 million Class A Limited Voting Shares of Brookfield Corporation and approximately 30 million ...