Brookfield completes C$300 million preferred share issue

On September 13, 2017, Brookfield Asset Management Inc. (Brookfield) completed its previously announced Class A Preference Shares, Series 48 issue in the amount of C$300 million. The offering, announced September 6, 2016, was underwritten on a bought deal basis by a syndicate led by CIBC Capital Markets, RBC Capital Markets, Scotiabank and TD Securities Inc.

Brookfield issued 12,000,000 Series 48 preferred shares at a price of C$25.00 per share. Holders of the 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 5-year Government of Canada bond yield plus 3.10%, and (ii) 4.75%.

Brookfield is a global alternative asset manager with approximately US$250 billion in assets under management.

Further information can be found on Marketwired's website.