Partners Value Split Corp. Announces $125,000,000 Public Offering of Class AA Preferred Shares, Series 18
Partners Value Split Corp., a split-share vehicle holding roughly 179 million Brookfield Corporation (BN) and 25 million Brookfield Asset Management (BAM) shares, launched a bought-deal offering of 5 million Series 18 Class AA preferred shares at $25.00 for gross proceeds of $125 million. The preferred shares carry a fixed 5.30% coupon maturing September 29, 2033, rated provisionally Pfd-2 by DBRS, with underwriters holding an option for 1 million additional shares that would lift the deal to $150 million.
Key figures
- Deal Value Usd
- $125,000,000
- Offering Price
- $25.00
- Shares Offered
- 5000000
- Coupon
- 5.30%
- Rating
- Pfd-2 (provisional, DBRS)
- Maturity
- September 29, 2033
- Overallotment shares
- 1000000
- Overallotment max gross
- $150,000,000
AI analysis
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