Brookfield Residential to price $400 million nine-year notes Tuesday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., June 18 - Brookfield Residential Properties Inc. and Brookfield Residential U.S. Corp. are planning a $400 million offering of nine-year senior notes, according to a market source.

Guidance is set in the low 6% area, a trader said.

The company scheduled an investor call for 11 a.m. ET, with pricing expected Tuesday afternoon.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners for the Rule 144A for life deal.

The notes will be callable in four years at par plus 75% of the coupon.

Proceeds will be used to refinance debt and add cash to the balance sheet.

Brookfield is a Calgary, Alta.-based land developer and homebuilder.

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