Brookfield Property Partners (NSADAQ:BPY) has priced their new fixed rate perpetual units.
The partnership will sell 6.4 million units (with another 960,000 available for over allotment) with a fixed rate coupon of 6.50%.
The shares will have an early redemption period beginning 3/31/2024.
Distributions will be cumulative and paid quarterly.
We are doubtful that the distributions will be qualified, although as the prospectus states “check your tax advisor”.
The units are anticipated to be rated by S&P at a BB+ (although at this moment they are not rated)–just below investment grade.
The shares will trade with a permanent ticker of BPYPP. Shares will trade today on the OTC Grey Market under the temporary ticker symbol of BRKPF.