By James McCandless
San Antonio, Nov. 17 – Brookfield Finance I (UK) plc priced a $200 million offering of $25-par perpetual subordinated notes (Baa3/BBB/BBB/BBB) at par with a coupon of 4.5% on Tuesday, according to a press release.
There is a $30 million greenshoe.
The notes will be guaranteed by Brookfield Asset Management Inc.
Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the bookrunners.
Coupons are payable quarterly.
The notes are redeemable after five years at par. Prior to that, the notes are redeemable within 60 days after an accounting event, rating agency event or tax deduction event at par.
Brookfield Finance plans to use the proceeds for the financing and/or refinancing of recently completed and future eligible green projects, including the development and redevelopment of such projects.
The company plans to list the notes on the New York Stock Exchange.
Brookfield Finance is a London-based debt issuer.
| Issuer: | Brookfield Finance I (UK) plc
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| Guarantor: | Brookfield Asset Management Inc.
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| Description: | Perpetual subordinated notes
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| Amount: | $200 million
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| Greenshoe: | $30 million
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| Maturity: | Perpetual
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| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC
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| Co-managers: | SMBC Nikko Securities America, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC and MUFG
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| Coupon: | 4.5%
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| Price: | Par of $25.00
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| Yield: | 4.5%
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| Call: | On or after Nov. 24, 2025 at par; prior to that, within 60 days after an accounting event, rating agency event, or tax deduction event at par
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| Pricing date: | Nov. 17
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| Settlement date: | Nov. 24
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| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB
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| DBRS: BBB
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| Distribution: | SEC registered
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| Listing: | NYSE
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