Transaction|November 2, 2011
Brookfield Asset Management completes C$250 million offering of preference shares
Torys acted as counsel to Brookfield Asset Management with a team that included Adam Armstrong, Jonathan Cescon, Alison Harnick, Miriam Levin and Leah Frank (corporate) and Richard Johnson (tax).
On November 2, 2011, Brookfield Asset Management Inc. (TSX/NYSE: BAM; EURONEXT: BAMA) completed an offering of 10,000,000 Preference Shares, Series 30 at a price of C$25.00 per share, for aggregate gross proceeds of C$250 million. Holders of the Preference Shares, Series 30 will be entitled to receive a cumulative quarterly fixed dividend yielding 4.80% annually for the initial period ending December 31, 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 2.96%.
The offering was underwritten by a syndicate of underwriters led by CIBC World Markets Inc., RBC Dominion Securities 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., 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 is found on Brookfield's website.
The offering was underwritten by a syndicate of underwriters led by CIBC World Markets Inc., RBC Dominion Securities 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., 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 is found on Brookfield's website.