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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: 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
- $1.2125 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