Brookfield agrees to C$150m share issue.Brookfield Properties Corporation announced that it has agreed to issue $150 million of cumulative redeemable preferred shares denominated in Canadian dollars with a dividend rate of 5.0% to a syndicate of investment dealers led by CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. Inc. The preferred shares are rated Pfd-3 (High) by Dominion Bond Rating Service Dominion Bond Rating Service is a credit rating agency based in Toronto, Ontario. Founded in 1976, it is one of the largest credit rating agencies in Canada. It is one of five Nationally Recognized Statistical Rating Organizations in the United States, though significantly smaller (DBRS DBRS Dominion Bond Rating Service ) and P-3 (High) by Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index (S&P). Brookfield has extended to the underwriters the option until closing to purchase up to an additional C$50 million of shares at the same offering price. Proceeds of the issue will be utilized for general corporate purposes including the repayment of corporate debt. Closing is expected to occur on or about April 30, 2004. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement of such Act. This release does not constitute an offer for sale of securities in the U.S. and any public offering of securities in the U.S. will be made by means of a prospectus. Brookfield Properties Corporation owns, develops and manages premier North American office properties. The Brookfield portfolio comprises 48 commercial properties and development sites totaling 46 million square feet, including landmark properties such as the World Financial Center in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Place in Toronto. |
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