Brookfield Asset Management has announced:
the completion of its previously announced Class A Preference Shares, Series 34 issue in the amount of CDN$250,000,000.
Brookfield issued 10,000,000 Series 34 Shares at a price of CDN$25.00 per share, for total gross proceeds of CDN$250,000,000. Holders of the Series 34 Shares will be entitled to receive a cumulative quarterly fixed dividend yielding 4.20% annually for the initial period ending March 31, 2019. Thereafter, the dividend rate will be reset every five years at a rate equal to the 5-year Government of Canada bond yield plus 2.63%. The Series 34 Shares will commence trading on the Toronto Stock Exchange this morning under the ticker symbol BAM.PF.B.
BAM.PF.B is a FixedReset, 4.20%+263, announced August 23. The issue traded 332,922 shares today in a range of 24.91-00 before closing at 24.96-00, 30×219. Vital Statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2042-09-12
Maturity Price : 23.08
Evaluated at bid price : 24.96
Bid-YTW : 3.95 %