Brookfield Asset Management has announced:
the completion of its previously announced Preferred Shares, Series 30 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 30 at a price of $25.00 per share, for aggregate gross proceeds of CDN$250,000,000. Holders of the Preferred Shares, Series 30 will be entitled to receive a cumulative quarterly fixed dividend yielding 4.80% annually for the initial period ending December 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 2.96%. The Preferred Shares, Series 30 will commence trading on the Toronto Stock Exchange on November 2, 2011 under the ticker symbol BAM.PR.Z.
The net proceeds of the issue will be used for general corporate purposes. The preferred shares may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.
BAM.PR.Z is a FixedReset, 4.80%+296 announced October 24; the $250-million size is an increase from the originally anticipated $175-million.
BAM.PR.Z traded 506,476 shares today in a narrow range of 24.94-08 before closing at 25.00-04, 33×51. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2041-11-02
Maturity Price : 23.10
Evaluated at bid price : 25.00
Bid-YTW : 4.57 %
BAM.PR.Z will be tracked by HIMIPref™ and is assigned to the FixedReset index.