Brookfield Properties Increases Preferred Share Issue
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DISSEMINATION TO THE UNITED STATES
January 11, 2010 06:50 PM Eastern Time
TORONTO--(EON: Enhanced Online News)--Brookfield Properties Corporation (BPO: NYSE, TSX) announced today that as
investor demand for its previously announced public offering of Preferred Shares, Series N, it has agreed to increase the size of the
C$150 million to C$275 million or from 6,000,000 Preferred Shares to 11,000,000 Preferred Shares. There will be no underwriter
Holders of the Preferred Shares, Series N will be entitled to receive a cumulative quarterly fixed dividend yielding 6.15% annually f
year period ending June 30, 2016. Thereafter, the dividend rate will be reset every five years at a rate equal to the five-year Govern
bond yield plus 3.07%.
Holders of Preferred Shares, Series N will have the right, at their option, to convert their shares into cumulative Preferred Shares, S
certain conditions, on June 30, 2016 and on June 30 every five years thereafter. Holders of Preferred Shares, Series O will be entitl
cumulative quarterly floating dividends at a rate equal to the three-month Government of Canada Treasury Bill yield plus 3.07%.
The Preferred Shares, Series N will be offered by way of a prospectus supplement to the short-form base shelf prospectus of Broo
Corporation dated December 15, 2009. The prospectus supplement will be filed with securities regulatory authorities in all province
The net proceeds of the issue will be added to the general funds of Brookfield Properties Corporation and be used for general corp
The offering is expected to close on or about January 20, 2010. The preferred shares may not be offered or sold in the United Stat
persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.
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