Brookfield Property Finance ULC issues $500M in 5.55% unsecured notes due 2031
BPYPM is trading near its 52-week low of $14.89 (10% above the low).
Summary
Brookfield Property Finance ULC, guaranteed by Brookfield Property Partners L.P., issued $500 million of 5.55% unsecured notes maturing in 2031.
Key Events · Financing and Capital Events · BPYPM
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New Debt Issuance
Brookfield Property Finance ULC, a subsidiary of Brookfield Property Partners L.P., issued $500,000,000 in 5.55% Medium Term Notes, Series 8.
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Maturity and Interest
The unsecured notes mature on June 19, 2031, and will pay interest semi-annually at a fixed rate of 5.55% per annum.
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Unsecured Obligation
The notes are direct, unsecured obligations of the Issuer, guaranteed by Brookfield Property Partners L.P.
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Debt Covenants
The supplemental indenture includes covenants limiting Funded Indebtedness to 70% of Total Consolidated Capitalization and requiring notes to be secured equally and ratably with other liens, subject to Permitted Encumbrances.
Analysis · BPYPM · Real Estate & Construction
Brookfield Property Finance ULC, a subsidiary of Brookfield Property Partners L.P., has issued $500 million in new unsecured medium-term notes. This capital raise provides the company with additional liquidity and funding for general corporate purposes, but also increases its overall debt obligations. The 5.55% interest rate and 2031 maturity date reflect current market conditions for unsecured debt.
At the time of this filing, BPYPM was trading at $16.38 on NASDAQ in the Real Estate & Construction sector. The 52-week trading range was $14.89 to $17.90. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.