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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 18 (the "Series 18 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 18 Preferred Shares will be issued at a price of $25.00 per share, for gross proceeds of $125,000,000. The Series 18 Preferred Shares will carry a fixed coupon of 5.30% and will have a final maturity of September 29, 2033. The Series 18 Preferred Shares have a provisional rating of Pfd-2 from DBRS Limited. The net proceeds of the offering will be used by the Company to make distributions to the holder of 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 18 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 October 15, 2026.
The Company owns a portfolio consisting of approximately 179 million Class A Limited Voting Shares of Brookfield Corporation and approximately 25 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. (collectively, the "Brookfield Securities"), which are expected to yield quarterly dividends that are sufficient to fund quarterly fixed cumulative preferential dividends for the holders of the Company's preferred shares and to enable the holders of the Company's capital shares to participate in any capital appreciation of the Brookfield Securities.
Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. Brookfield Corporation has three core businesses: Asset Management, Wealth Solutions, and Brookfield Corporation's Operating Businesses which are in infrastructure, energy, private equity and real estate. Brookfield Corporation is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BN.
Brookfield Asset Management Ltd. ("BAM") is a leading global alternative asset manager, headquartered in New York, with over US$1 trillion of assets under management across infrastructure, energy, private equity, real estate, and credit. BAM invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. 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 wealth investors. BAM draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles. BAM is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BAM.
Onaiza Ahmed, Chief Financial Officer, will be available at (416) 363-9491 to answer any questions regarding the offering.
This news release contains "forward-looking information" within the meaning of Canadian provincial securities laws and regulations. The words "expected", "will", "agreed" and "enable" and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters or identify forward-looking information. Forward-looking information in this news release includes statements with regard to the provisional rating on the Series 18 Preferred Shares, which is not a final rating, the use of proceeds of the offering and quarterly dividends from the Company's portfolio of Brookfield Securities which are expected to fund quarterly fixed cumulative preferential dividends for holders of the Company's preferred shares and to enable holders of its capital shares to participate in any capital appreciation of the Brookfield Securities. Although the Company believes that the anticipated future results or achievements expressed or implied by the forward-looking information and statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on the forward-looking information and statements because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking information and statements. Factors that could cause actual results to differ materially from those contemplated or implied by the forward-looking information and statements include: the behaviour of financial markets, including fluctuations in interest and exchange rates, 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 regulators. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information or statements, whether written or oral, that may be as a result of new information, future events or otherwise. Reference should be made to the Company's short form base shelf prospectus dated February 20, 2026 for a description of the major risk factors.
