By Cristal Cody
Tupelo, Miss., April 7 – Brookfield Finance Inc. priced an upsized $600 million of 4.35% 10-year senior notes (Baa1/A-/A-) on Tuesday at a spread of 362.5 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.903 to yield 4.362%.
The deal was upsized from $500 million.
Initial price guidance on the issue was in the 375 bps to 387.5 bps over Treasuries area.
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Citigroup Global Markets Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
The notes will be guaranteed by Toronto-based alternative asset manager Brookfield Asset Management Inc.
Brookfield Finance is a Bermuda-based commercial real estate developer.
| Issuer: | Brookfield Finance Inc.
|
| Guarantor: | Brookfield Asset Management Inc.
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| Amount: | $600 million
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| Description: | Senior notes
|
| Maturity: | April 15, 2030
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| Bookrunners: | Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Citigroup Global Markets Inc.
|
| Co-managers: | Banco Bradesco BBI SA, BNP Paribas Securities Corp., Itau BBA USA Securities, Inc., MUFG, Mizuho Securities USA Inc., National Bank of Canada Financial Inc., Natixis Securities Americas LLC, Santander Investment Securities Inc. and SG Americas Securities, LLC
|
| Coupon: | 4.35%
|
| Price: | 99.903
|
| Yield: | 4.362%
|
| Spread: | Treasuries plus 362.5 bps
|
| Call feature: | Make-whole call before Jan. 15, 2030 at Treasuries plus 50 bps; par call thereafter
|
| Change-of-control put: | 101%
|
| Trade date: | April 7
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| Settlement date: | April 9
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| Ratings: | Moody’s: Baa1
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| S&P: A-
|
| Fitch: A-
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| Distribution: | SEC registered, Canada shelf
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| Price guidance: | Treasuries plus 375 bps-387.5 bps area
|
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