Brookfield Office Properties has announced:
the completion of its previously announced Preferred Shares, Series R issue in the amount of C$250 million. The offering was underwritten by a syndicate led by RBC Capital Markets, CIBC, Scotia Capital Inc. and TD Securities Inc.
Brookfield Office Properties issued 10.0 million Preferred Shares, Series R at a price of C$25.00 per share yielding 5.10% per annum for the initial five-year period ending September 30, 2016. Net proceeds from the issue will be added to the general funds of Brookfield Office Properties and be used for general corporate purposes, including, but not limited to, the repayment or refinancing of debt, acquisitions, capital expenditures and working capital needs.
The Preferred Shares, Series R will commence trading on the Toronto Stock Exchange on September 2, 2011 under the ticker symbol BPO.PR.R.
BPO.PR.R is a 5.10%+348 FixedReset, announced August 25. It will be tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
The issue traded 279,850 shares today in a relatively wide range of 24.70-05 before closing at 24.95-99, 5×25. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2041-09-02
Maturity Price : 23.14
Evaluated at bid price : 24.95
Bid-YTW : 5.04 %