Brookfield Asset Management completes C$235 million preferred shares offering

On February 8, 2011, Brookfield Asset Management Inc. (TSX: BAM.A) (NYSE:BAM) (EURONEXT:BAMA) (Brookfield) completed an offering of 8,600,000 Preferred Shares, Series 28 at a price of C$25.00 per share, for gross proceeds of C$215 million. On February 17, 2011, Brookfield closed the exercise of a portion of the over-allotment option previously granted in connection with the financing which closed on February 8, 2011. Pursuant to the over-allotment option, an additional 800,000 Preferred Shares, Series 28 were sold at a price of C$25.00 per share, for additional gross proceeds of C$20 million. In total, including the over-allotment option, Brookfield issued 9,400,000 Preferred Shares, Series 28 for aggregate gross proceeds of C$235 million.

Holders of the Preferred Shares, Series 28 will be entitled to receive a cumulative quarterly fixed dividend yielding 4.60% annually for the initial period ending June 30, 2017. Thereafter, the dividend rate will be reset every five years at a rate equal to the 5-year Government of Canada bond yield plus 1.80%.

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

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

Further information is found on Brookfield's website.