Brookfield Asset Management Raises USD242.2 Million in Public Offering of Preferred Shares

Published: Sep 06 2017
Deal Summary

Brookfield Asset Management Inc., an alternative asset management company, has completed the bought deal public offering of 12,000,000 class A preferred shares, series 48, at a price of CAD25 (USD20.18) per share, for gross proceeds of CAD300 million (USD242.2 million). The company granted the underwriters an option to purchase up to an additional 2,000,000 series 48 preferred shares, which the underwriters have exercised due to strong investor demand.

Holders of the series 48 preferred shares will be entitled to receive a cumulative quarterly fixed dividend yielding 4.75% annually for the initial period ending December 31, 2022. Thereafter, the dividend rate will be reset every five years at a rate equal to the greater of: (i) the five-year Government of Canada bond yield plus 3.1% and (ii) 4.75%.

CIBC Capital Markets, RBC Capital Markets LLC, The Bank of Nova Scotia and TD Securities Inc acted as underwriters to the company for the offering.

The company intends to use the proceeds for general corporate purposes.

Deal History:

Announced: On September 6, 2017, Brookfield Asset Management agreed to issue 12,000,000 class A preferred shares, series 48, at a price of CAD25 (USD20.18) per share for gross proceeds of CAD300 million (USD242.2 million) on a bought deal basis.

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