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Preferred Share Description
Brookfield Asset Management Inc. (BAM.PF.J)
4.75% Cumulative, Redeemable, Fixed Minimum, Rate-Reset Class A Preferred Share, Series 48
Prospectus - September 6, 2017
Marketing Summary - September 6, 2017
DBRS Credit Update: June 25, 2018 - DBRS confirmed the long-term, short-term and preferred shares ratings of Brookfield Asset Management Inc. and certain of its subsidiaries at A (low), R-1 (low) and Pfd-2 (low), respectively. All trends are Stable.
The confirmations reflect a meaningful increase in low-risk, Fee Bearing Capital (FBC) resulting in growing base management fees, stable fundamental risk profile at listed partnerships and private funds, solid financial performance in 2017 and Q1 2018 and solid metrics and liquidity at the corporate level. The current ratings consider (1) BAM’s debt is structurally subordinated to the debt issued by its subsidiaries and property-specific debt and (2) relatively high leverage at BAM’s subsidiary level and project level, which is non-recourse to BAM.
- DBRS Rating
- Pfd-2 (low) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.1875 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 4.75%. The dividend rate is initially fixed at $1.1875 per share until December 31, 2022. On December 31, 2022 and on December 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 3.10% and ii) 4.75%.
- The shares are not redeemable by the company prior to December 31, 2022. On December 31, 2022 and on December 31st every 5 years thereafter, the company may, at it's option, redeem the shares for $25.00 each.
- On December 31, 2022 and on December 31st every five years thereafter the holders of the Series 48 Rate-Reset preferred shares will have the option to convert their shares, all or in part, into an equal number of the series 49, 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 3.10%. In addition, holders of the Series 49 Floating-Rate preferred shares have the option to convert their shares into the Series 48, Rate-Reset preferred shares on December 31, 2027 and on December 31st every 5 years thereafter.
- Lead Underwriter(s)
- CIBC Capital Markets, RBC Capital Markets, Scotiabank, and TD Securities Inc
- Transfer Agent
- CIBC Mellon Trust Company
- CIBC Mellon Trust Company
- Dividend Reinvestment Plan
- Not available to preferred shareholders.
- Last Updated