Brookfield Office Properties has announced:
the completion of its previously announced Preferred Shares, Series T issue in the amount of C$250 million. The offering was underwritten by a syndicate led by CIBC, RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
Brookfield Office Properties issued 10.0 million Preferred Shares, Series T at a price of C$25.00 per share yielding 4.60% per annum for the initial 6.25-year period ending December 31, 2018. Net proceeds from the issue will be added to the general funds of Brookfield Office Properties and be used to redeem its 8.0 million Preferred Shares, Series F and for general corporate purposes. Until such time as Brookfield Office Properties redeems the Preferred Shares, Series F, a portion of the net proceeds may temporarily be used to reduce short term borrowings.
The Preferred Shares, Series T will commence trading on the Toronto Stock Exchange on September 13, 2012 under the ticker symbol BPO.PR.T.
BPO.PR.T is a FixedReset, 4.60%+316, announced September 5. It will be tracked by HIMIPref™, but relegated to the Scraps index on credit concerns.
The issue traded 713,956 shares today in a range of 25.00-18 before closing at 25.10-12, 1×22. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2042-09-13
Maturity Price : 23.13
Evaluated at bid price : 25.10
Bid-YTW : 4.42 %