Brookfield Asset Management Inc. completed its previously announced Class A Preference Shares, Series 38 issue in the amount of $200 million. The offering, announced Mar. 6, 2014, was underwritten by a syndicate led by TD Securities Inc., CIBC, RBC Capital Markets, and Scotiabank.
Brookfield issued 8 million Series 38 Preferred Shares at a price of $25 per share. Holders of the shares will be entitled to receive a cumulative quarterly fixed dividend yielding 4.40 per cent annually for the initial period ending Mar. 31, 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 2.55 per cent.
Brookfield Asset Management was represented by an in-house team led by A.J. Silber. Adam Armstrong, Jonathan Cescon and David Forrester (corporate and securities) from Torys LLP provided external support.
The underwriters were represented by Lawrence Chernin and Bill Gorman (corporate and securities) from Goodmans LLP.
Brookfield issued 8 million Series 38 Preferred Shares at a price of $25 per share. Holders of the shares will be entitled to receive a cumulative quarterly fixed dividend yielding 4.40 per cent annually for the initial period ending Mar. 31, 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 2.55 per cent.
Brookfield Asset Management was represented by an in-house team led by A.J. Silber. Adam Armstrong, Jonathan Cescon and David Forrester (corporate and securities) from Torys LLP provided external support.
The underwriters were represented by Lawrence Chernin and Bill Gorman (corporate and securities) from Goodmans LLP.
