PrefBlog

Issue: Brookfield Asset Management Cumulative 5-Year Rate Reset Preference Shares, Series 22

Size: 5-million shares (=$125-million) + greenshoe 1-million shares (=$25-million)

Dividend: 7.00% (= $1.75) until First Reset Date. First Dividend $0.56575 payable September 30. Resets to 5-Year Canadas + 445bp every Reset Date. Cumulative dividend.

Convertible: Every Reset Date into Floaters, pay 3-month bills +445, reset quarterly.

Redeemable: Every Reset Date at Par. Floaters are also redeemable any time at 25.50.

Reset Dates: 2014-9-30 and every five years thereafter.

Closing: June 4

It’s good to see a BAM Fixed-Reset … it helps with calibrating between classes!

Updated: Brookfield has issued a press release.

I am advised that the issue size has been increased to 10-million shares (=$250-million) plus a greenshoe of 2-million shares (=$50-million).

This entry was posted on Wednesday, May 27th, 2009 at 2:44 pm and is filed under New Issues. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.