C$150m share offer agreed by Brookfield.Brookfield Properties Corporation has agreed to issue C$150 million of cumulative redeemable preferred shares with a dividend rate of 5.2% 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, and Scotia Capital 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 existing floating-rate preferred shares and debt. Closing is expected to occur on or about October 22. 2004. |
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