Partners Value Split announces $75 million preferred share offering

Partners Value Split Corp. announced it has entered into an agreement to sell 3 million Class AA Preferred Shares, Series 16 to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc.

The Series 16 Preferred Shares will be issued at $25.00 per share for gross proceeds of $75 million. The shares carry a fixed coupon of 5.40% and mature on March 31, 2032. DBRS Limited assigned a provisional rating of Pfd-2 to the Series 16 Preferred Shares.

The company granted underwriters an option to purchase up to an additional 1 million Series 16 Preferred Shares at the same price. If exercised in full, this would increase the gross offering size to $100 million. The offering is expected to close on or about September 11, 2025.

The company stated it will use net proceeds from the offering to make distributions to holders of the company's capital shares. Partners Value Split owns a portfolio of approximately 120 million Class A Limited Voting Shares of Brookfield Corporation (NYSE: BN, TSX: BN) and approximately 30 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM).

The company said these Brookfield Securities are expected to yield quarterly dividends sufficient to fund quarterly fixed cumulative preferential dividends for preferred shareholders and enable capital share holders to participate in any capital appreciation of the Brookfield Securities.

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