Brookfield Office Properties Inc. (BPO: Quote, BPO.TO) announced the completion of its previously announced Preferred Shares, Series T issue in the amount of C$250 million. The offering was underwritten by a syndicate led by CIBC, RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
The company said it issued 10.0 million Preferred Shares, Series T at a price of C$25.00 per share yielding 4.60% per annum for the initial 6.25-year period ending December 31, 2018.
The company said that it will add net proceeds from the issue to the general funds of company and use the Net proceeds to redeem its 8.0 million Preferred Shares, Series F and for general corporate purposes.
Until such time as Brookfield Office Properties redeems the Preferred Shares, Series F, a portion of the net proceeds may temporarily be used to reduce short term borrowings.
The company said that the Preferred Shares, Series T will commence trading on the Toronto Stock Exchange on September 13, 2012 under the ticker symbol BPO.PR.T.
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by RTT Staff Writer
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