Brookfield Asset Management Ltd | Cumulative Class A Preference Shares, Series 30 (BAM.PRZ.CA)
Prospectus excerpt: Brookfield Asset Management may not redeem the Series 30 Preferred Shares prior to December 31, 2017. On December 31,2017and on December 31st every five years thereafter (each, a “Conversion Date”), the company may, subject to applicable law, at its option without the consent of the holders, redeem all or any part of the then outstanding Series 30 Preferred Shares by the payment of $25.00 per share together with all accrued and unpaid dividends thereon up to but excluding the date of payment or distribution (less any tax required to be deducted and withheld). Notice of any redemption must be given by the company at least 30 days and not more than 60 days prior to the date fixed for redemption.
Subject to certain restrictions, the holders of the Series 30 Preferred Shares have the right on any Conversion Date to convert any or all of the Series 30 Preferred Shares held by them for Cumulative Floating Rate Preferred Shares, Series 31 of the company (the “Series 31 Preferred Shares”), on a one-for-one basis. Such a conversion of Series 30 Preferred Shares for Series 31 Preferred Shares must be initiated not less than 15 days and not more than 30 days prior to a Conversion Date. Under certain circumstances, the Series 30 Preferred Shares may automatically convert into Series 31 Preferred Shares, after December 31, 2017, on a one-for-one basis.
Shares Offered:
10000000
Liquidation Preference:
$25
Original Coupon:
An annual rate of .20 per Series 30 share until December 31, 2017. The annual fixed dividend rate for each subsequent 5-year fixed rate period will be equal to the sum of the Government of Canada Yield on the 30th day prior to the first day of such Subsequent Fixed Rate period plus 2.96%. The annual fixed dividend for each such period will be equal to the applicable Annual Fixed Dividend Rate multiplied by 5.00.
Brookfield Asset Management is an alternative asset manager, with assets under management across renewable power and transition, infrastructure, private equity, real estate and credit. Co. focuses on real assets and essential service businesses.