New Issue: BAM FixedReset 4.50%+290

Brookfield Asset Management has announced:

that it has agreed to issue 10,000,000 Class A Preferred Shares, Series 32 on a bought deal basis to a syndicate of underwriters led by RBC Capital Markets, CIBC, Scotia Capital Inc. and TD Securities Inc. for distribution to the public. The Preferred Shares, Series 32 will be issued at a price of CDN$25.00 per share, for aggregate gross proceeds of CDN$250,000,000. Holders of the Preferred Shares, Series 32 will be entitled to receive a cumulative quarterly fixed dividend yielding 4.50% annually for the initial period ending September 30, 2018. Thereafter, the dividend rate will be reset every five years at a rate equal to the 5-year Government of Canada bond yield plus 2.90%.

Brookfield has granted the underwriters an option, exercisable until 48 hours prior to closing, to purchase up to an additional 2,000,000 Preferred Shares, Series 32 which, if exercised, would increase the gross offering size to CDN$300,000,000. The Preferred Shares, Series 32 will be offered in all provinces of Canada by way of a supplement to Brookfield Asset Management’s existing short form base shelf prospectus dated June 7, 2011.

Proceeds will mostly be used to fund the redemption of BAM.PR.H.

3 Responses to “New Issue: BAM FixedReset 4.50%+290”

  1. […] PrefBlog Canadian Preferred Shares – Data and Discussion « New Issue: BAM FixedReset 4.50%+290 […]

  2. […] is a FixedReset, 4.50%+290, announced March 5. The issue will be tracked by HIMIPref™ and assigned to the FixedReset index. The issue is […]

  3. […] was issued as BAM.PF.A, a FixedReset 4.50%+290 that commenced trading 2012-3-13 after being announced 2012-3-5. The issue reset at 5.061% in 2018; I recommended against conversion; and there was no conversion. […]

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