On October 2, 2015, Brookfield Asset Management Inc. (Brookfield) completed its previously announced Class A Preference Shares, Series 44 issue in the amount of $250 million. The offering, announced September 24, 2015, was underwritten by a syndicate led by Scotiabank, CIBC, RBC Capital Markets and TD Securities Inc.
Brookfield issued 10,000,000 Series 44 Preferred Shares at a price of $25.00 per share. Holders of the shares will be entitled to receive a cumulative quarterly fixed dividend yielding 4.50 per cent annually for the initial period ending December 31, 2020. Thereafter, the dividend rate will be reset every five years at a rate equal to the greater of: (i) the 5-year Government of Canada bond yield plus 4.17 per cent, and (ii) 5.00 per cent.