Canadian Brookfield launches USD-196m stock offering
(ADPnews) - Oct 22, 2010 - Canadian green power and infrastructure assets manager Brookfield Asset Management Inc (TSE:BAM.A) said yesterday it had agreed to sell CAD 200 million (USD 196m/EUR 140m) in preferred shares to add to its general funds and use for general corporate purposes.
The company offered eight million preferred shares at a price of CAD 25 apiece. Holders of the stock will receive a fixed quarterly dividend of 4.5% until March 31, 2017 and a dividend of the five-year bond yield of the Canadian government plus 2.31% after that date.
The company has provided an over-allotment option of up to two million preferred shares.
CIBC, RBC Capital Markets, Scotia Capital Inc and TD Securities Inc have acted as lead underwriters of the offering, which is to close on October 29.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.