Brooksfield Residential Properties Inc IBRP) Tuesday announced that it is proposing an offering of $400 million aggregate principal amount of senior unsecured notes due 2020.
The North American land developer and homebuilder further stated that the proposed notes will be offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons in accordance with Regulation S under the Securities Act.
The company further stated that it intends to use the proceeds from the offering to repay a portion of notes payable and project specific financings and to pay accrued and unpaid interest thereon.
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