Brookfield Property driving by with $1 billion 5.5-year secured notes; initial talk mid-4% area

By Paul A. Harris

Portland, Ore., Sept. 21 – Brookfield Property REIT Inc. plans to price $1 billion of senior secured notes due 2027 (existing ratings B1/BB+) in a Tuesday drive-by following a conference call with investors, according to market sources.

The deal is in the market with initial guidance in the mid-4% area, a trader said.

Wells Fargo is the left bookrunner. Morgan Stanley, Deutsche Bank, RBC, BofA, Barclays, Citigroup, Goldman Sachs, Sumitomo, Mitsui, TD and US Bancorp are the joint bookrunners.

The Rule 144A and Regulation S for life 5.5-year notes become callable after two years at par plus 50% of the coupon.

The issuing entities are Brookfield Property REIT, along with BPR Cumulus LLC, BPR Nimbus LLC and GGSI Sellco, LLC.

The Toronto-based real estate investment trust plans to use the proceeds to pay down its line of credit.

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