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Preferred Share Description
Brookfield Asset Management Inc. (BAM.PF.I)
4.85% Cumulative, Redeemable, Fixed Minimum, Rate-Reset Class A Preferred Share, Series 46
Prospectus - November 14, 2016
DBRS Credit Update: May 22, 2017 - DBRS has today confirmed the long-term, short-term and preferred shares ratings of Brookfield Asset Management Inc. (BAM) and its subsidiaries at A (low), R-1 (low) and Pfd-2 (low), respectively. All trends are Stable.
The confirmations reflect the following factors: (1) improved financial flexibility following the spin-off of Brookfield Business Partners in June 2016; (2) continued growth in funds from operations (FFO) and increasingly predictable Company-level cash flows driven by the growth of the asset management business, which is BAM’s largest cash flow generation segment; and (3) continued expansion of assets under management (AUM) and fee-bearing capital (FBC) through acquisitions and organic growth, which is largely supported by external funds from institutional partners and global investors. DBRS expects Brookfield to continue to generate an increasing proportion of its cash flows from asset management fees that are fixed or based primarily on the size of the committed investors’ capital and distributions from its flagship companies over the medium to long term.
- DBRS Rating
- Pfd-2 (low) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.2125 per share per year
- Dividend Dates
- The last day of June, September, December and March
- Dividend Details
- The share's dividend will never be reset below 4.85%. The dividend rate is initially fixed at $1.2125 per share until March 31, 2022. On March 31, 2022 and on March 31st every 5 years thereafter, the dividend will be reset and fixed to a rate equal to the greater of i) the sum of the 5-Year Government of Canada Yield (GCAN5YR) plus 3.85% and ii) 4.85%.
- The shares are not redeemable by the company prior to March 31, 2022. On March 31, 2022 and on March 31st every 5 years thereafter, the company may, at it's option, redeem the shares for $25.00 each.
- On March 31, 2022 and on March 31st every five years thereafter the holders of the Series 46 Rate-Reset preferred shares will have the option to convert their shares, all or in part, into an equal number of the series 47, Floating-Rate preferred shares. The Floating-Rate preferred shares will calculate and pay a dividend quarterly. The quarterly dividend paid will equal the sum of the 3-month Government of Canada T-Bill Rate plus 3.85%. In addition, holders of the Series 47 Floating-Rate preferred shares have the option to convert their shares into the Series 45, Rate-Reset preferred shares on March 31, 2027 and on March 31st every 5 years thereafter.
- Lead Underwriter(s)
- Scotia Capital Inc., CIBC, RBC Dominion Securities Inc.
- Transfer Agent
- CIBC Mellon Trust Company
- CIBC Mellon Trust Company
- Dividend Reinvestment Plan
- Not available to preferred shareholders.
- Last Updated