On September 6, 2017, Brookfield Asset Management Inc. announced that its underwriters increased the size of Brookfield’s offering to 12 million Series A Preferred Shares, Series 48.
The offering closed on September 13, 2017. The price per share of the Class A Preferred Shares, Series 48 (the “Preferred Shares”), was CN$25, with the aggregate proceeds being CN$300 million. Brookfield Asset Management Inc. (“Brookfield”) will use the proceeds for general corporate purposes.
The Preferred Shares were issued to a syndicate of underwriters, which included CIBC Capital Markets, RBC Capital Markets, Scotiabank and TD Securities Inc. The syndicate then offered the Preferred Shares in all Canadian provinces. However, the syndicate could not offer or sell the Preferred Shares in the United States or to U.S. persons, without an exemption.
Brookfield is an asset manager that focuses on property, renewable power, infrastructure and private equity. It has approximately US$250 billion in assets under management.
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