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Brookfield Residential Properties sets price talk in $350 million and C$250 million note offerings
By Paul A. Harris
Portland, Ore., May 6 – Brookfield Residential Properties Inc. set price talk for its concurrent $350 million and C$250 million offerings of senior notes (B1/BB-), according to market sources.
The dollar-denominated tranche, which features 10-year notes that come with five years of call protection, is talked to yield 6¼% to 6½%.
Official talk comes on top of initial guidance.
The dollar tranche, formatted as Rule 144A and Regulation S for life, is coming via joint bookrunners J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC.
Co-managers are RBC Capital Markets, HSBC Bank, TD Securities, CIBC World Markets and Scotia Capital.
Meanwhile the Canadian dollar-denominated tranche, which features eight-year notes that come with three years of call protection, is talked to price with a yield that is 25 basis points inside of the yield on the dollar-denominated notes.
Official talk comes cheap to earlier guidance that had the Canadian dollar-denominated notes pricing 50 bps inside of the dollar notes.
The Canadian dollar-denominated tranche is formatted as Rule 144A for life in the United States and is coming as a private placement in Canada. The syndicate is comprised of joint bookrunners Scotia, CIBC and TD.
Co-managers are JPMorgan, RBC and HSBC.
Books are scheduled to close at noon ET on Wednesday, and the notes in both tranches were expected to price Wednesday afternoon.
The Calgary, Alta.-based land developer and homebuilder plans to use the proceeds to refinance debt and for general corporate purposes.
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