PrefBlog

Brookfield Asset Management has announced:

Brookfield intends to use the net proceeds of the issue of Preferred Shares, Series 34 to redeem its Class A Preference Shares, Series 11 and for general corporate purposes.

BAM.PR.I is an OperatingRetractible – there goes another one! However, it paid 5.50% and had been redeemable at par since 2012-6-30, so it was clearly living on borrowed time.

The newly issued Series 34 shares are a FixedReset 4.20%+263.

Update, 2012-9-7: Official Announcement:

Brookfield Asset Management Inc. (TSX: BAM.A) (NYSE:BAM); (EURONEXT:BAMA) announced today the redemption of its Class A Preference Shares, Series 11 (the “Series 11 Shares”) for cash, with a redemption date of September 30, 2012. The redemption price will be C$25.00 per Series 11 Share, plus any accrued and unpaid dividends thereon.

Notice of redemption has been sent to all registered holders of the Series 11 Shares. Payment will be made to all beneficial holders of the Series 11 Shares on or after October 1, 2012 through the facilities of CDS & Co., and to all other registered holders on October 1, 2012.

This entry was posted on Thursday, August 23rd, 2012 at 10:27 am and is filed under Issue Comments. 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.