By James McCandless
San Antonio, Oct. 8 – Brookfield Finance Inc. priced a $400 million offering of $25-par subordinated notes (Baa3/BBB/BBB/DBRS: BBB) due Oct. 16, 2080 at par, according to an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
The notes will be guaranteed by Brookfield Asset Management Inc.
J.P. Morgan Securities LLC, BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the bookrunners.
Coupons will be payable on Jan. 16, April 16, July 16 and Oct. 16, starting on Jan. 16, 2021.
The notes are redeemable on or after Oct. 16, 2025 at par. Prior to that, the notes are redeemable after a tax event at par or 120 days after a rating event at par.
Brookfield plans to use the proceeds for financing and/or refinancing of recently completed and future eligible green projects, including the development and redevelopment of such projects.
The company plans to list the notes on the New York Stock Exchange.
Brookfield is a Toronto-based investment bank.
| Issuer: | Brookfield Finance Inc.
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| Guarantor: | Brookfield Asset Management Inc.
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| Description: | Subordinated notes
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| Amount: | $400 million
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| Maturity: | Oct. 16, 2080
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc., Barclays, BMO Capital Markets Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC and MUFG
|
| Coupon: | 4.625%
|
| Price: | Par of $25.00
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| Yield: | 4.625%
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| Call: | On or after Oct. 16, 2025 at par; prior to that, after a tax event at par or 120 days after a rating event at par
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 16
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| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB
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| DBRS: BBB
|
| Distribution: | SEC registered
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| Listing: | NYSE
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