By James McCandless
San Antonio, Aug. 13 – Brookfield Property Partners LP priced a $250 million offering of $25-par series 2 class A cumulative redeemable perpetual preferred units (BB+) at par with a dividend of 6.375%, according to an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
The offering was announced Tuesday morning.
Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the joint bookrunners.
The preferreds are redeemable on or after Sept. 30, 2024 at par. Prior to that, they are redeemable within 90 days after a change-of-control triggering event, within 90 days after a “Delisting Brookfield Transaction Triggering Event” or within 30 to 60 days after a change in tax law at par. They are also redeemable within 120 days of a ratings event at $25.50.
Brookfield Property plans to use the proceeds to subscribe for series 2 property partnership mirror units that are designed to mirror the economic terms of the series 2 preferred units.
The company plans to list the preferreds on the Nasdaq under the symbol “BPYPO.”
Brookfield Property is a Bermuda-based commercial real estate developer.
| Issuer: | Brookfield Property Partners LP
|
| Description: | Series 2 class A cumulative redeemable perpetual preferred units
|
| Amount: | $250 million, or 10 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC
|
| Dividend: | 6.375%
|
| Price: | Par of $25.00
|
| Yield: | 6.375%
|
| Call: | On or after Sept. 30, 2024 at par; prior to that, within 90 days after a change-of-control event, a “Delisting Brookfield Transaction Triggering Event,” or within 30 to 60 days after a change in tax law at par; also within 120 days of a ratings event at $25.50
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 20
|
| Rating: | S&P: BB+ (expected)
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: BPYPO
|
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