Brookfield Asset Management buys 8 million common shares at $14.49
By Devika Patel
Knoxville, Tenn., Nov. 20 - Brookfield Residential Properties Inc. said it settled a $115.92 million private placement of stock with Brookfield Asset Management Inc. It also raised $115.92 million in a public offering of stock on the same terms. The deals were announced Nov. 13.
In the placement, the company sold 8 million common shares at $14.49 apiece, a 6.58% discount to the Nov. 19 closing share price of $15.51.
Proceeds will be used to repay a portion of the debt owed to Brookfield Office Properties Inc. The remaining proceeds will be used for working capital and general corporate purposes, including paying down a revolving credit facility with Brookfield Asset Management Inc.
The homebuilder is based in Calgary, Alta.
| Issuer: | Brookfield Residential Properties Inc.
|
| Issue: | Common stock
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| Amount: | $115.92 million
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| Shares: | 8 million
|
| Price: | $14.49
|
| Warrants: | No
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| Investor: | Brookfield Asset Management Inc.
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| Announcement date: | Nov. 13
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| Settlement date: | Nov. 20
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| Stock symbol: | NYSE: BRP
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| Stock price: | $15.51 at close Nov. 19
|
| Market capitalization: | $1.59 billion
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