By James McCandless
San Antonio, March 14 – Brookfield Property Partners LP priced $160 million of $25-par series I class A cumulative redeemable perpetual preferred units (BB+) with a dividend of 6.5%, according to an FWP filing with the Securities and Exchange Commission.
There is a $24 million greenshoe.
The deal was announced Thursday morning.
Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch and RBC Capital Markets, LLC are the bookrunners.
The preferreds are redeemable on or after March 31, 2024. Prior to that, they are redeemable within 60 days after a change in tax law or change-of-control triggering event, within 90 days of a delisting Brookfield transaction triggering event, or within 120 days after a ratings event.
Brookfield plans to use the proceeds to subscribe for “Property Partnership Mirror Units” that are designed to mirror the economic terms of the Series 1 Preferred Units and for general corporate purposes.
The company plans to list the preferreds on the Nasdaq Stock Market under the symbol “BPYPP.”
Brookfield is a Bermuda-based commercial real estate developer.
| Issuer: | Brookfield Property Partners LP
|
| Description: | Series I class A cumulative redeemable perpetual preferred units
|
| Amount: | $160 million, or 6.4 million units
|
| Greenshoe: | $24 million, or 960,000 units
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch and RBC Capital Markets, LLC
|
| Dividend: | 6.5%
|
| Price: | Par of $25.00
|
| Yield: | 6.5%
|
| Call: | On or after March 31, 2024. Prior to that, within 60 days after a change in tax law or change-of-control triggering event, within 90 days of a delisting Brookfield transaction triggering event, or within 120 days after a ratings event
|
| Pricing date: | March 14
|
| Settlement date: | March 21
|
| Rating: | S&P: BB+
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: BPYPP
|
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