DBRS Rates Brookfield Office Properties Preferred Share Issue Pfd-3 (high)

DBRS has today assigned a rating of Pdf-3 (high) with a Stable trend to the new eight million cumulative five-year rate-reset preference shares, Series R (the Preferred Shares) issued by Brookfield Office Properties Inc. (Brookfield or the Company). The Preferred Shares will be issued at a price of $25 per share, for aggregate proceeds of $200 million.

The Preferred Shares will rank pari passu with the Company’s other Class AAA preference shares, junior to the Class A and Class AA preference shares and prior to the common shares of the Company as to the payment of dividends and the distribution of assets on the dissolution, liquidation or winding up of the Company.

The net proceeds of the issue will be added to the general funds of Brookfield and be used for general corporate purposes, including, but not limited to, the repayment or refinancing of debt, acquisitions, capital expenditures and working capital needs.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Real Estate Entities, which can be found on our website under Methodologies.