Brookfield Asset Management has announced:
the completion of its previously announced Preferred Shares, Series 26 issue in the amount of CDN$250-million. The offering was underwritten by a syndicate of underwriters led by CIBC, RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
Brookfield Asset Management issued 10,000,000 Preferred Shares, Series 26 at a price of $25.00 per share, for aggregate gross proceeds of CDN$250,000,000. Holders of the Preferred Shares, Series 26 will be entitled to receive a cumulative quarterly fixed dividend yielding 4.50% annually for the initial period ending March 31, 2017. Thereafter, the dividend rate will be reset every five years at a rate equal to the 5-year Government of Canada bond yield plus 2.31%. The Preferred Shares, Series 26 will commence trading on the Toronto Stock Exchange on October 29, 2010 under the ticker symbol BAM.PR.T.
The net proceeds of the issue will be added to the general funds of Brookfield Asset Management and be used for general corporate purposes.
BAM.PR.T is a FixedReset, 4.50%+231, announced October 21. The issue traded 229,985 shares in a range of 24.60-90 before closing at 24.83-86, 300×200.
Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2040-10-29
Maturity Price : 23.03
Evaluated at bid price : 24.83
Bid-YTW : 4.16 %