By Cristal Cody
Prospect News, Oct. 24 - Brookfield Asset Management Inc. (DBRS: Pfd-2) said Monday that it sold C$175 million of preferred stock to yield a 4.8% annual dividend for the initial period ending Dec. 31, 2017.
The company sold 7 million preferred shares, series 30, at C$25 per share.
The syndicate was led by CIBC World Markets Inc., RBC Capital Markets Corp., Scotia Capital Inc. and TD Securities Inc.
The sale includes an over-allotment option of C$75 million, or 3 million preferred shares.
Proceeds will be used for general corporate purposes.
Toronto-based Brookfield manages more than $150 billion in property, power and infrastructure assets.
| Issuer: | Brookfield Asset Management Inc.
|
| Amount: | C$175 million
|
| Greenshoe: | C$75 million
|
| Maturity: | Dec. 31, 2017
|
| Securities: | Preferred stock
|
| Bookrunners: | CIBC World Markets Inc., RBC Capital Markets Corp., Scotia Capital Inc. and TD Securities Inc.
|
| Dividend: | 4.8%
|
| Price: | C$25.00
|
| Pricing date: | Oct. 24
|
| Ratings: | DBRS: Pfd-2
|
| Distribution: | Canada
|
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