Brookfield closes $250-million offering of preferreds

Ms. Kerrie McHugh reports BROOKFIELD COMPLETES C$250 MILLION PREFERRED SHARE ISSUE Brookfield Corp. has completed the issue of its previously announced Class A preference shares, Series 54, in the amount of $250-million. The offering was underwritten on a bought deal basis by a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc., RBC Capital Markets and TD Securities Inc. A total of 10 million preferred shares, Series 54, were issued at a price of $25 per share, for gross proceeds of $250-million. The issuance included two million preferred shares, Series 54, issued pursuant to the exercise, in full, of the underwriters' option granted by Brookfield to the underwriters in the offering. Holders of the preferred shares, Series 54, will be entitled to receive a cumulative quarterly fixed dividend yielding 5.65 per cent annually for the initial period ending Dec. 31, 2030. Thereafter, the dividend rate will be reset every five years at a rate equal to the greater of: (i) the five-year government of Canada bond yield plus 2.80 per cent; and (ii) 5.65 per cent. The preferred shares, Series 54, will commence trading on the Toronto Stock Exchange this morning under the ticker symbol BN.PF.M. The preferred shares, Series 54, may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act. Brookfield intends to use the net proceeds from the offering to redeem all of its outstanding cumulative Class A preference shares, Series 44, for cash on Dec. 31, 2025. The redemption price for each share will be $25. Holders of preferred shares, Series 44, of record as of Dec. 15, 2025, will receive the previously declared quarterly dividend of 31.25 cents per share, payable on Dec. 31, 2025. About Brookfield Corp. Brookfield is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. It has three core businesses: alternative asset management, wealth solutions, and its operating businesses which are in renewable power, infrastructure, business and industrial services, and real estate. It has a record of delivering 15-plus-per-cent annualized returns to shareholders for over 30 years, supported by its unrivalled investment and operational experience. Its conservatively managed balance sheet, extensive operational experience and global sourcing networks allow it to consistently access unique opportunities. At the centre of its success is the Brookfield ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield is publicly traded in New York and Toronto.