Brookfield Property launches C$250 million five-year guaranteed notes

By Cristal Cody

Tupelo, Miss., June 28 – Brookfield Property Finance ULC on Thursday launched a C$250 million offering of five-year guaranteed medium-term notes (/BBB-//DBRS: BBB) in Canada, according to a market source and a preliminary term sheet.

CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc. and Scotia Capital Inc. are the bookrunners. BMO Nesbitt Burns Inc., HSBC Securities (Canada) Inc. and National Bank Financial Inc. are the co-managers.

The notes are fully and unconditionally guaranteed by Brookfield Property Partners LP, Brookfield Property LP, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Ltd., BPY Bermuda Holdings II Ltd., BPY Bermuda Holdings IV Ltd., BPY Bermuda Holdings V Ltd. and BPY Bermuda Holdings VI Ltd.

The issue features make-whole and par calls and a change-of-control put at 101.

Proceeds will be used for general corporate purposes, including to repay existing debt.

The company is a Toronto-based subsidiary of Brookfield Property Partners LP.

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