Investors can't seem to get enough of new deals coming to market.
Brookfield Office Properties Canada launched a bought deal of trust units Thursday, and on Friday morning the deal was increased by 50 per cent to $150-million. The transaction was a secondary offering, in which Brookfield Properties sold off a portion of its 91 per cent position in Brookfield Office Properties Canada. RBC Dominion Securities and TD Securities co-led the deal.
That last paragraph might sound eerily familiar. About a month ago Brookfield Properties Corp. (the selling shareholder yesterday) also upsized a preferred share offering from $200-million to $300-million.
But the Brookfield family of companies isn't the only beneficiary of investor demand. Smaller deals are also getting increased. This week Trelawney Mining and Exploration Inc. increased its private placement to $57-million and SkyWest Energy Corp. upsized its offering of special warrants to $25-million.
Deals that don't get upsized are also seeing strong demand. For instance, on Friday Transforce Inc. closed its most recent convertible debenture offering and announced it sold through its over-allotment option, bringing the total deal size to $144-million.
Tim Kiladze