Brookfield's Global Listed Infrastructure Income Fund last week announced the completion of a rights offering it opened on April 21.
Closed on May 22, the offer period entitled existing shareholders to purchase one new common share of the fund for every three rights held, with each shareholder receiving one right per every share of stock owned as of April 21. Common shareholders who were issued fewer than three rights in total were allowed to purchase one common share of the fund during the period.
The subscription price was pegged at $17.20 per common share, based on a formula equal to 78 percent of the fund's net asset value at the close of trading on May 22. The offering was oversubscribed and brought in approximately $60 million in gross proceeds, according to a source close to the firm.
Brookfield disclosed in Securities and Exchange Commission (SEC) paperwork last week that the head of the fund, Edward A Kuczmarsk, purchased 1,167 shares of his own at the discounted price, for a total new investment of $20,072.40.
As of May 29, shares of the fund were trading at $17.83 each on the New York Stock Exchange. Common shares were scheduled for issue on or around May 29, immediately following completion of shareholder payments.
Total market capitalisation of the fund is roughly $186 million, with a total of 10.345 million shares outstanding. The fund is a closed-end, organised, non-diversified vehicle that invests primarily in securities of publicly traded infrastructure companies with assets including toll roads, bridges and tunnels, air and sea ports, and electric transmission and distribution lines.
A team from law firm Paul Hastings represented Brookfield during the offering.