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

DBRS has today assigned a rating of Pfd-3 (high) with a Stable trend to the new 8,000,000 Cumulative 5-Year Rate Reset Preference Shares, Series T (Preferred Shares) of Brookfield Office Properties Inc. (Brookfield or the Company).

The Preferred Shares will be issued at a price of $25.00 per share, for aggregate proceeds of $200 million (with an option to upsize by an additional $50 million). The Preferred Shares rank pari pasu with the Company’s other Class AAA preference shares and junior to the Class A and Class AA preference shares. The Preferred Shares will rank prior to the Common Shares of the Company as to the payment of dividends and the distribution of assets on dissolution, liquidation or winding up of the Company.

The net proceeds of the issue will redeem Brookfield’s Cumulative Class AAA Preference Shares, Series F and, to the extent the underwriters’ option is exercised, be used for general corporate purposes. The offering is expected to close on or about September 13, 2012.

Note:
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.