Published on 4/7/2021 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Brookfield sells $500 million of 2.724% green senior notes due 2031
By Devika Patel
Knoxville, Tenn., April 7 – Brookfield Finance Inc. sold $500 million of 2.724% green senior notes (Baa1/A-/A-/DBRS: A) due 2031 at par with a spread of Treasuries plus 107 basis points, according to a company press release and an FWP filed with the Securities and Exchange Commission.
Citigroup Global Markets Inc., SMBC Nikko Securities America Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are the joint bookrunners.
Proceeds will be used to finance or refinance eligible green projects and for general corporate purposes, including the early redemption of all or a portion of the outstanding C$600 million of 4.54% notes due March 31, 2023.
The notes will be guaranteed by parent company Brookfield Asset Management Inc., a Toronto-based alternative asset manager with about $250 billion in assets under management.
| Issuer: | Brookfield Finance Inc.
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| Guarantor: | Brookfield Asset Management Inc.
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| Issue: | Green senior notes
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| Amount: | $500 million
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| Maturity: | April 15, 2031
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| Bookrunners: | Citigroup Global Markets Inc., SMBC Nikko Securities America Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
|
| Co-managers: | Banco Bradesco BBI SA, BNP Paribas Securities Corp., Itau BBA USA Securities Inc., Mizuho Securities USA LLC, MUFG, National Bank of Canada Financial Inc., Natixis Securities Americas LLC, Santander Investment Securities Inc. and SG Americas Securities LLC
|
| Coupon: | 2.724%
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| Price: | Par
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| Yield: | 2.724%
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| Spread: | Treasuries plus 107 bps
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| Call: | Make-whole call at Treasuries plus 20 bps until Jan. 15, 2031, then a par call
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| Change of control put: | At 101
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| Pricing date: | April 7
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| Settlement date: | April 12
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: A-
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| DBRS: A (low)
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| Distribution: | SEC registered
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