March 8 (Renewables Now) - Canada’s Brookfield Asset Management Inc (TSE:BAM.A) plans to raise USD 750 million (EUR 709.6m) in a public offering of notes due 2024, it announced Tuesday.
Details on the use of proceeds have not been disclosed, with the company stating these would go for “general corporate purposes”. On the same day Brookfield Asset Management announced agreements to buy TerraForm Power Inc (NASDAQ:TERP) and TerraForm Global Inc (NASDAQ:GLBL), the two renewable energy yieldcos of bankrupt US company SunEdison (OTCMKTS:SUNEQ).
The notes offering is expected to close on or about March 10. The notes will bear a 4% coupon and will be issued by Brookfield Finance LLC at a price equal to 99.742% of their face value for an effective yield of 4.042%.
Citigroup Global Markets Inc and Deutsche Bank Securities Inc have been appointed as joint book-running managers for the offering.