Mr. Andrew Willis reports
BROOKFIELD COMPLETES CDN$300 MILLION PREFERRED SHARE ISSUE
Brookfield Asset Management Inc. has completed its previously announced Class A preference shares, Series 42, issue in the amount of $300-million. The offering was underwritten by a syndicate led by TD Securities Inc., RBC Capital Markets, CIBC and Scotiabank.
Brookfield issued 12 million Series 42 shares at a price of $25 per share, for total gross proceeds of $300-million. Holders of the Series 42 shares will be entitled to receive a cumulative quarterly fixed dividend yielding 4.50 per cent annually for the initial period ending June 30, 2020. Thereafter, the dividend rate will be reset every five years at a rate equal to the five-year government of Canada bond yield plus 2.84 per cent. The Series 42 shares will commence trading on the Toronto Stock Exchange this morning under the ticker symbol BAM.PF.G.
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