Mr. Andrew Willis reports
BROOKFIELD COMPLETES CDN$250 MILLION PREFERRED SHARE ISSUE
Brookfield Asset Management Inc. has completed its previously announced Class A preference shares, Series 44, issue in the amount of $250-million. The offering was underwritten by a syndicate led by Scotiabank, CIBC, RBC Capital Markets and TD Securities Inc.
Brookfield issued 10 million Series 44 shares at a price of $25 per share, for total gross proceeds of $250-million. Holders of the Series 44 shares will be entitled to receive a cumulative quarterly fixed dividend yielding 5.00 per cent annually for the initial period ending Dec. 31, 2020. Thereafter, the dividend rate will be reset every five years at a rate equal to the greater of: the five-year government of Canada bond yield plus 4.17 per cent, and 5.00 per cent. The Series 44 shares will commence trading on the Toronto Stock Exchange this morning under the ticker symbol BAM.PF.H.
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