Key Developments: Brookfield Residential Properties Inc (BRP)
23.25USD
21 May 2013
$0.15 (+0.65%)
$23.52
$23.15
$23.34
$22.57
291,215
233,429
$26.10
$10.02
Latest Key Developments (Source: Significant Developments)
Brookfield Residential Properties Inc To Buy Playa Capital-Canada Stockwatch News
Canada Stockwatch News reported that Brookfield Residential Properties Inc. plans two initiatives: the acquisition of Playa Capital Company LLC, which includes approximately 2,250 units on more than 65 acres of land at Playa Vista located in California, and the formation of a strategic partnership with a U.S. pension fund to develop land in Alberta. Brookfield Residential is purchasing Playa Capital, which comprises the remaining residential units in Playa Vista, along with other ancillary assets and the assumption of infrastructure liabilities pursuant to the master plan as well as certain additional obligations. The Company has entered into contracts to sell three apartment sites totalling approximately 1,500 units and 195 for-sale residential lots. The transactions are subject to the satisfaction of customary closing conditions. Terms of transactions are not disclosed. Full Article
Brookfield Residential Properties Inc Announces Offering Of Senior Unsecured Notes
Brookfield Residential Properties Inc announced a proposed offering of $400 million aggregate principal amount of senior unsecured notes due 2020. The notes will be offered in Canada under available prospectus exemptions. The precise timing, size and terms of the offering are subject to market conditions and other factors. We intend to use the net proceeds from the offering to repay a portion of notes payable and project specific financings and to pay accrued and unpaid interest thereon. Full Article
Brookfield Residential Properties Inc Comments On FY 2012 Earnings Guidance-Conference Call
Brookfield Residential Properties Inc announced that the Company expects fourth quarter to be similar to what the Company saw in fiscal 2011, which would put income before tax for the fiscal 2012 well ahead of the recurring income before tax of $80 million in fiscal 2011. Full Article
Brookfield Residential Properties Inc Prices Previously Announced Offering of Common Shares and Concurrent Private Placement
Brookfield Residential Properties Inc announced that it has entered into an underwriting agreement with a syndicate of underwriters in connection with its previously announced offering of common shares (the Offering). The Company also announced that it is entering into a subscription agreement in connection with its previously announced private placement of 8,000,000 of its common shares with Brookfield Asset Management Inc., which is conditional upon the closing of the Offering (the Concurrent Private Placement). The net proceeds from the Offering, together with the net proceeds of the Concurrent Private Placement, will be used to repay a portion of the outstanding debt owed to Brookfield Office Properties Inc. The remaining net proceeds will be used to fund working capital and general corporate purposes, including the pay down of a revolving credit facility with Brookfield Asset Management Inc. The Company has also granted the underwriters an over-allotment option to purchase up to an additional 1,200,000 common shares of the Company at the Offering Price, exercisable for a period of 30 days following the closing of the Offering. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC, are acting as book-running managers for the offering. The Offering is expected to close on November 20, 2012. Full Article
TEXT-S&P rates Brookfield Residential Properties 'B+' CCR
Overview -- Brookfield Residential Properties Inc. (BRP) is a North American homebuilding and land development company with land holdings that ranks among the largest of the homebuilders that we rate. -- We are assigning a 'B+' corporate credit rating to the company and a stable outlook. -- We are also assigning a 'BB-' issue-level rating and a '2' recovery rating to the company's proposed $400 million senior unsecured notes. -- The stable outlook reflects our expectatio
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