Brookfield Asset Announces $1.08 Bln Equity Offering

(RTTNews) - Brookfield Asset Management Inc (BAM, BAM_A.TO) on Monday said it has agreed to issue 17.9 million Class A limited voting shares on a bought deal basis to a syndicate of underwriters co-led by CIBC, RBC Capital Markets, Citigroup Global Markets Canada Inc and Deutsche Bank Securities at a price of $56 per share for gross proceeds of about $1 billion.

In addition, current officers, directors and shareholders of Brookfield including Partners Value Fund Inc (PVF.V), and entities controlled by them, will purchase, directly or indirectly, an aggregate of about 1.4 million Class A shares at the offering price (the "Private Placement").

The aggregate gross proceeds of the offering and the private placement will be $1.08 billion.

Brookfield also has granted the underwriters an over-allotment option to purchase up to an additional about 2.68 million Class A shares at the offering price. If this option is exercised in full, the gross offering size would increase to about $1.23 billion.

Brookfield intends to use the net proceeds of the offering and private placement for general corporate purposes.

The offering and private placement are expected to close on or about April 27.