Brookfield Property plans $25-par cumulative preferred units

By James McCandless

San Antonio, Feb. 10 – Brookfield Property Partners LP plans to price an offering of $25-par series 3 class A cumulative redeemable perpetual preferred units, according to a 424B5 filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the joint bookrunners.

Dividends are payable on the last day of March, June, September and December, commencing on June 30, 2020.

The preferreds are redeemable on or after March 31, 2025 at par. Prior to that, the preferreds are redeemable after a change in tax law at par, within 90 days after a “Delisting Brookfield Transaction Triggering Event” at par, within 90 days after a change-of-control triggering event or within 120 days after a ratings event at $25.50.

Brookfield Property plans to use the proceeds for the financing and refinancing of recently completed and future “Eligible Green Projects,” including the development and redevelopment of such projects.

The company plans to list the preferreds on the Nasdaq under the symbol “BPYPN.”

Brookfield Property is a New York-based real estate developer.

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