Brookfield Residential Properties Inc. and Brookfield Residential US
Corporation Upsize and Price Previously Announced Offering of Senior
CALGARY, ALBERTA -- (Marketwired) -- 06/18/13 --
All dollar references are in U.S. dollars unless noted otherwise.
Brookfield Residential Properties Inc. (TSX:BRP)(NYSE:BRP) and
Brookfield Residential US Corporation (collectively, "Brookfield
Residential", "we" or the "Company") today announced that they have
upsized and priced a private placement offering of $500 million
aggregate principal amount of senior unsecured notes due 2022. The
size of the offering was increased to $500 million from the
previously announced $400 million.
The notes will bear an interest rate of 6.125% per annum and will be
issued at a price of 100% of the aggregate principal amount. We
intend to use the net proceeds from this offering to repay certain
project-specific financings and bank indebtedness outstanding as of
March 31, 2013, and the remaining for general corporate purposes,
including the repayment of additional project-specific financings and
bank indebtedness incurred after March 31, 2013, which we estimate
will amount to approximately $55 million and $15 million,
respectively. We expect to close the offering of the notes on June
25, 2013, subject to customary closing conditions.
The notes have not been registered under the Securities Act of 1933,
as amended (the "Securities Act"), or any state securities laws and
may not be offered or sold in the United States or to, or for the
benefit of, U.S. persons absent registration under, or an applicable
exemption from, the registration requirements of the Securities Act
and applicable state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the notes or any other security and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which, or to any persons to whom, such offering,
solicitation or sale would be unlawful. Any offers of the notes will
be made only by means of a private offering circular.
Brookfield Residential Properties Inc. is a leading North American
land developer and homebuilder with operations in eleven major
markets. We entitle and develop land to create master-planned
communities and build and sell lots to third-party builders, as well
as to our own homebuilding division. We also participate in selected,
strategic real estate opportunities, including infill projects,
mixed-use developments, infrastructure projects, and joint ventures.
Brookfield Residential is listed on the NYSE and TSX under the symbol
Brookfield Residential US Corporation is a Delaware corporation and
is a wholly-owned subsidiary of Brookfield Residential Properties
Inc. and the holding company for our U.S. operations.
Please note that Brookfield Residential Properties Inc.'s unaudited
interim reports and audited annual report are filed on EDGAR and
SEDAR and can also be found in the investor section of our website at
www.brookfieldrp.com (the contents of which are not incorporated in
this press release). Hard copies of the interim and annual reports
can be obtained free of charge upon request.
For more information, please visit our website at
This news release includes statements that express the Company's
opinions, expectations, beliefs, plans or objectives regarding future
events or future results, and therefore are, or may be deemed to be,
"forward-looking statements." These forward-looking statements
include all matters that are not historical facts. Although
forward-looking statements are based on information and assumptions
that the Company believes are current, reasonable and complete, they
are subject to a number of factors that could cause actual results to
vary materially from those expressed or implied by such
forward-looking information. Such factors may include the failure to
successfully market the notes or failure to satisfy certain
conditions in connection with the issuance of the notes. These
statements reflect management's current beliefs with respect to
future events and are based on information currently available to
management. Although we base our forward-looking statements on
assumptions that we believe were reasonable when made, we caution you
that forward-looking statements are not guarantees.
Investors: Brookfield Residential Properties Inc.
Manager, Investor Relations & Communications
Media: Brookfield Residential Properties Inc.
SVP, Communications & Media
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