Brookfield talks upsized $500 million eight-year notes at 6½%-6¾%

By Paul A. Harris

Portland, Ore., Dec. 10 - Brookfield Residential Properties Inc. upsized its offering of eight-year senior notes (B2/BB-) to $500 million from $400 million on Monday, according to a syndicate source.

The Calgary, Alta.-based land developer and homebuilder talked the notes to yield 6½% to 6¾%.

The books close at 11 a.m. ET on Tuesday, and the deal is set to price thereafter.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

The Rule 144A for life notes will become callable in three years at par plus 75% of the coupon.

The notes feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to refinance debt.

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