Brookfield Asset Management completes C$300 million offering of preference shares

Torys acted as counsel to Brookfield Asset Management with a team that included Adam Armstrong, Karrin Powys-Lybbe, Jonathan Cescon, Miriam Levin, David Forrester (corporate) and Richard Johnson (tax).

On March 13, 2012, Brookfield Asset Management (TSX/NYSE: BAM; EURONEXT: BAMA) completed an offering of 12,000,000 preference shares, series 32 at a price of C$25 per share, for aggregate gross proceeds of C$300 million. Holders of the preference shares, series 32 will be entitled to receive a cumulative quarterly fixed dividend yielding 4.50% annually for the initial period ending September 30, 2018. Thereafter, the dividend rate will be reset every five years at a rate equal to the five-year Government of Canada bond yield plus 2.90%.

The offering was underwritten by a syndicate of underwriters led by RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc. and included BMO Nesbitt Burns Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Brookfield Financial Corp., Dundee Securities Ltd. Laurentian Bank Securities Inc., Macquarie Capital Markets Canada Ltd, MGI Securities Inc. and Raymond James Ltd.

Brookfield Asset Management, headquartered in Toronto, is a global alternative asset management company focused on property, power and infrastructure assets.

Further information can be found on Brookfield's website.