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Brookfield Asset Management CEO Bruce Flatt (Fred Lum)
Brookfield Asset Management CEO Bruce Flatt (Fred Lum)

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Brookfield plans share issue Add to ...

Brookfield Asset Management Inc. will issue $150 million of preferred shares to underwriters for distribution to the public, the Toronto-based company announced Tuesday.

Holders of the six million Series 24 preferreds, which will be priced at $25 each, will receive a cumulative quarterly fixed dividend yielding 5.40 per cent annually for the initial period ending June 30, 2016.

After that, the dividend rate will be reset every five years at a rate equal to the five-year Government of Canada bond yield plus 2.30 percentage points.

The Canadian five-year bonds currently yield 2.7 per cent.

Series 24 preferreds will also be convertible into Series 25 preferreds on June 30, 2016, and on the five-year anniversaries after that. The Series 25 preferreds will pay cumulative quarterly floating dividends at a rate equal to the three-month Canada treasury bill yield plus 2.30 percentage points.

Brookfield said it would use proceeds from the financing for its general corporate purposes.

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