Brookfield Asset Management Inc. has announced:
the completion of its previously announced Class A Preference Shares, Series 38 (“Series 38 Preferred Shares”) issue in the amount of C$200,000,000. The offering was underwritten by a syndicate led by TD Securities Inc., CIBC, RBC Capital Markets and Scotiabank.
Brookfield issued 8,000,000 Series 38 Preferred Shares at a price of C$25.00 per share, for total gross proceeds of C$200,000,000. Holders of the Series 38 Preferred Shares will be entitled to receive a cumulative quarterly fixed dividend yielding 4.40% annually for the initial period ending March 31, 2020. Thereafter, the dividend rate will be reset every five years at a rate equal to the 5-year Government of Canada bond yield plus 2.55%. The Series 38 Preferred Shares will commence trading on the Toronto Stock Exchange this morning under the ticker symbol BAM.PF.E.
BAM.PF.E is a FixedReset, 4.40%+255, announced March 6. It will be tracked by HIMIPref™ and is assigned to the FixedReset subindex.
The issue traded 78,180 shares today in a range of 24.60-84 before closing at 24.60-64, 37×60. Vital statistics are:
| BAM.PF.E | FixedReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-03-13 Maturity Price : 22.97 Evaluated at bid price : 24.60 Bid-YTW : 4.22 % |
I understand that there is an inventory blow-out sale under way at 24.50