Brookfield Asset Management has announced:
the completion of its previously-announced Class A Series 21 preference share issue in the amount of C$150 million.
Brookfield Asset Management Inc. issued 6 million Cumulative Class A Preference Shares, Series 21, at a price of C$25 per share with a yield of 5.00% per annum. The net proceeds will be utilized for general corporate purposes. The Series 21 Preference Shares will commence trading on the Toronto Stock Exchange on June 25, 2008 under the symbol BAM.PR.O.
They had to announce it, otherwise nobody would have noticed: the new issue traded 4,250 shares today, all at 24.50, closing at 24.50-55, 1×10. There were seven trades in the most sluggish opening day since … er … the last one.
Mind you, the issue itself isn’t all that terrible. Comparables are:
| BAM Retractibles | |||
| Issue | Quote 6/25 |
Bid Yield to Worst |
End-Date |
| BAM.PR.H | 25.50-90 | 5.17% | SoftMaturity 2012-3-30 |
| BAM.PR.I | 25.24-35 | 5.32% | SoftMaturity 2013-12-30 |
| BAM.PR.J | 23.55-77 | 6.23% | SoftMaturity 2018-3-30 |
| BAM.PR.O | 24.50-55 | 5.50% | SoftMaturity 2013-6-30 |
The issue suffered through its timing, having been announced on June 16 during the Swoon in June.
[…] New Issue […]
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