Partners Value Split Corp. announces public offering of $100,000,000 Class AA Preferred Shares, Series 13


Partners Value Split Corp.


TORONTO, March 17, 2022 (GLOBE NEWSWIRE) — Partners Value Split Corp. (the “Company”) announced today that it has entered into an agreement to sell 4,000,000 Class AA Preferred Shares, Series 13 (the “Series 13 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 13 Preferred Shares will be issued at a price of $25.00 per share, for gross proceeds of $100,000,000. The Series 13 Preferred Shares will bear a fixed coupon of 4.45% and will have a final maturity on May 31, 2029. The Series 13 Preferred Shares have a preliminary rating of Pfd-2 (low) from DBRS Limited. The net proceeds of the Offering will be used by the Company to pay a special dividend on the Company’s Capital Shares.

The Company has granted the underwriters an option, exercisable in whole or in part prior to closing, to purchase up to 2,000,000 additional Series 13 Preferred Shares at the same offering price, which, if is exercised in full, would bring the gross amount of the offer to $150,000,000. The offering is expected to close on or about March 25, 2022.

The Company holds a portfolio of approximately 119.6 million Class A Limited Voting Shares of Brookfield Asset Management Inc. (the “Brookfield Shares”) which are expected to pay quarterly dividends sufficient to fund preferential dividends. quarterly fixed cumulative amounts for holders of the Company’s Preferred Shares and to enable holders of the Company’s Capital Shares to participate in any capital appreciation of the Brookfield Shares. Brookfield Asset Management Inc. (“BAM”) is a leading global alternative asset manager with approximately US$690 billion in assets under management in real estate, infrastructure, renewable energy, private equity and credit. BAM owns and operates long-lived assets and businesses, many of which form the backbone of the global economy. Using its global reach, access to large-scale capital and operational expertise, BAM offers a range of alternative investment products to investors around the world, including public and private pension plans, endowments and foundations. , sovereign wealth funds, financial institutions, insurance companies and private investors. BAM trades on the New York Stock Exchange and the Toronto Stock Exchange under the symbols BAM and BAM.A respectively.

Rachel Powell, Chief Financial Officer, will be available at (416) 956-5141 to answer any questions regarding the offering.

This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and regulations. The words “expected”, “will”, “agreed” and “allow” and other expressions which predict or indicate future events, trends or prospects and which do not relate to historical matters or identify any forward-looking information. Forward-looking information in this press release includes statements regarding the preliminary rating of the Series 13 Preferred Shares, which is not a definitive rating, the use of proceeds from the offering and the quarterly dividends of the equity portfolio. shares of Brookfield which are expected to fund quarterly fixed cumulative preferential dividends for holders of the Company’s preferred stock and to enable holders of its Capital Shares to participate in any capital appreciation of Brookfield’s shares. Although the Company believes that the anticipated future results or achievements expressed or implied by the forward-looking information and statements are based on reasonable assumptions and expectations, the reader should not place undue reliance on the forward-looking information and statements because they involve known information and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any anticipated future results, performance or achievements expressed or implied by such information and forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by the forward-looking information and statements include: the behavior of financial markets, including interest and currency exchange rate fluctuations, the availability of equity and debt financing and other risks and factors detailed from time to time in the Company’s other documents filed with the Canadian securities regulatory authorities. We draw your attention to the fact that the foregoing list of important factors that could affect future results is not exhaustive. When relying on our forward-looking information to make decisions about the Company, investors and others should carefully consider the foregoing factors as well as other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information or statements, whether written or oral, which may result from new information, future events or otherwise. Reference should be made to the Company’s most recent Annual Information Form for a description of the principal risk factors.


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