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Brookfield Issues $150M in Preferred Shares

NEW YORK CITY-Brookfield intends to use the proceeds for general purposes including the repayment of corporate debt.

By Barbara Jarvie | Updated on December 15, 2003

NEW YORK CITY-Brookfield Properties Corp. is issuing $150 million Canadian of cumulative redeemable preferred shares with a dividend rate of 5.2% to a syndicate of investors lead by Scotia Capital Inc. This is similar to a deal the Brookfield completed with Scotia in October, except that transaction had a dividend rate of 5.75%.

In November, the company named Thomas F. Farley president and COO of Canadian Commercial Operations, where he is responsible for overseeing Brookfield’s 19 million-sf portfolio.

The preferred shares of the current deal are rated Pfd-3 (High) by Dominion Bond Rating Service and P-3 (High) by Standard and Poor’s. Brookfield has extended to the underwriters the option to purchase up to an additional $50 million Canadian of shares at the same offering price until closing, which is expected by the end of the year.

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