By Cristal Cody
Tupelo, Miss., Sept. 10 – Brookfield Residential Properties Inc. and Brookfield Residential U.S. Corp. priced C$600 million of senior notes due 2027 (B1/B+) at par to yield 6¼% in a Rule 144A and Regulation S offering, according to a news release on Tuesday.
Additional pricing terms were not immediately available.
Proceeds will be used together with cash on hand to fund the redemption of the company’s existing 6½% senior notes due Dec. 15, 2020.
Brookfield Residential, a subsidiary of Brookfield Asset Management Inc., is a Calgary, Alta.-based land developer and homebuilder.
| Issuers: | Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
|
| Amount: | C$600 million
|
| Maturity: | 2027
|
| Securities: | Senior notes
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody’s: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
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