DBRS Assigns Pfd-3 Rating to Brookfield Office Properties Inc.’s $275 Million Class AAA Preference Shares, Series GG, Stable Trend

DBRS Limited (DBRS) has today assigned a rating of Pfd-3 with a Stable trend to the $275 million Class AAA Preference Shares, Series GG (Series GG Preferred Shares) issued by Brookfield Office Properties Inc. (Brookfield).

The Series GG Preferred Shares rank on parity with Brookfield’s existing Class AAA preference shares, junior to Brookfield’s Class A and Class AA preference shares, and in priority to the Company’s Class B preference shares and common shares.

DBRS understands that the net proceeds from the sale of the Series GG Preferred Shares will be used to redeem Brookfield’s Class AAA Preference Shares, Series G and Class AAA Preference Shares, Series J and to repay part of the amounts drawn on the Company’s corporate revolver.

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

The principal methodologies are Rating Entities in the Real Estate Industry (April 2017) and DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (December 2016), which can be found on dbrs.com under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.