Brookfield Asset Management Completes $275M Preferred Share Offering

On January 14, 2010, Brookfield Asset Management Inc. (Brookfield) completed a $275 million offering of 11,000,000 Preferred Shares, Series 24. Holders of the Preferred Shares, Series 24 will be entitled to receive a cumulative quarterly fixed dividend yielding 5.40 per cent annually for the initial period ending June 30, 2016. Thereafter, the dividend rate will be reset every five years at a rate equal to the five-year Government of Canada bond yield plus 2.30 per cent.
The preferred shares were offered by way of prospectus supplement under the short-form base shelf prospectus of Brookfield dated January 12, 2009.

The syndicate of underwriters was led by Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc. and included BMO Nesbitt Burns Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., Brookfield Financial Corp., Macquarie Capital Markets Canada Ltd., Canaccord Financial Ltd., Desjardins Securities Inc., Genuity Capital Markets and Thomas Weisel Partners Canada Inc.

Torys LLP represented Brookfield with a team that included Adam Armstrong, Jonathan Cescon, Carol McFadzean and Raegan Kennedy (corporate) and James Welkoff and Catrina Card (tax).

Goodmans LLP represented the underwriters with a team that included Lawrence Chernin, Bill Gorman, Linda Wu (corporate) and Maureen Berry and Jarrett Freeman (tax).