Brookfield (BRP) to Raise $250M in Concurrent Public/ Private Offering
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Brookfield Residential Properties Inc. (NYSE: BRP) today announced that it has commenced an underwritten public offering of 8,000,000 of its common shares. The Company also plans to place 8,000,000 of its common shares with Brookfield Asset Management Inc. in a concurrent private placement, which is conditional upon the closing of the Offering.
The net proceeds from the Offering, together with the net proceeds of the Concurrent Private Placement, will be used to repay a portion of the outstanding debt owed to Brookfield Office Properties Inc. The remaining net proceeds will be used to fund working capital and general corporate purposes, including the pay down of a revolving credit facility with Brookfield Asset Management Inc.
As part of the Offering, the Company will grant the underwriters a 30-day option to purchase up to an additional 1,200,000 common shares. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC, will act as book-running managers for the offering and CIBC World Markets Inc., HSBC Securities (Canada) Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA), Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities Inc. will act as co-managers for the offering.
The Offering will be priced in the context of the market with final terms of the Offering to be determined at the time of pricing.
The net proceeds from the Offering, together with the net proceeds of the Concurrent Private Placement, will be used to repay a portion of the outstanding debt owed to Brookfield Office Properties Inc. The remaining net proceeds will be used to fund working capital and general corporate purposes, including the pay down of a revolving credit facility with Brookfield Asset Management Inc.
As part of the Offering, the Company will grant the underwriters a 30-day option to purchase up to an additional 1,200,000 common shares. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC, will act as book-running managers for the offering and CIBC World Markets Inc., HSBC Securities (Canada) Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA), Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities Inc. will act as co-managers for the offering.
The Offering will be priced in the context of the market with final terms of the Offering to be determined at the time of pricing.
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