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Preferred Share Description
Brookfield Asset Management Inc. (BAM.PF.F)
4.50% Cumulative Redeemable Rate Reset Class A Preferred Share, Series 40
Prospectus - May 28, 2014
DBRS Credit Update: June 26, 2019 - DBRS confirmed all the ratings of Brookfield Asset Management Inc. and its subsidiaries as listed below. All trends are Stable.
The confirmations reflect a meaningful increase in low-risk, fee bearing capital (FBC) resulting in growing base management fees, stable business risk profiles at listed partnerships and private funds, solid financial performance in 2018 and Q1 2019 and solid metrics and liquidity at the corporate level, which, pro forma for the proposed acquisition of Oaktree Capital, are expected to remain strong over the medium term. The current ratings consider (1) the strength of the credit profile at its listed partnerships and private funds, (2) the structural subordination of BAM’s debt to the debt issued by its subsidiaries and property-specific debt, (3) the unlevered cash flow from base management fees and (4) the size and diversification of BAM’s investment portfolios, as well as the stability of funds from operations (FFO).
- DBRS Rating
- Pfd-2 (low) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.125 per share per year
- Dividend Dates
- The last day of June, September, December and March
- Dividend Details
- The dividend rate is fixed at $1.125 per share until September 30, 2019. On September 30, 2019 and on September 30th every 5 years thereafter, the dividend will be reset and fixed at a rate equal to the sum of the Government of Canada Yield (GCAN5YR) plus 2.86%.
- The shares are not redeemable by the company prior to September 30, 2019. On September 30, 2019 and on September 30th every 5 years thereafter, the company may, at it's option, may redeem the shares for $25.00 each.
- On September 30, 2019 and on September 30th every five years thereafter holders of the Series 40 Rate-Reset preferred shares will have the option to convert their shares, all or in part, into an equal number of the series 41, 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 2.86%. In addition, holders of the Series 41, Floating-Rate preferred shares have the option to convert their shares into the Series 40, Rate-Reset preferred shares on September 30, 2024 and on September 30th every 5 years thereafter.
- Lead Underwriter(s)
- TD Securities, CIBC, RBC Capital Markets, Scotiabank
- Transfer Agent
- CIBC Mellon Trust Company
- CIBC Mellon Trust Company
- Dividend Reinvestment Plan
- Only available to Class A common shareholders. Not available to preferred shareholders.
- Last Updated