Brookfield refinances Petro Canada Centre

Real estate investment trust Brookfield Properties Corp. said Tuesday it completed refinancing of its Petro-Canada Centre in Canada.

The office complex in downtown Calgary was refinanced with $370 million, five-year mortgage bonds issued by Brookfield subsidiary PCC Properties and its joint-venture partner, Brookfield said.

The financing was completed at a fixed rate of 6.379 percent, repaying an existing $300 million bridge facility that was completed in October of last year.

Brookfield's share of the refinancing was $220 million, consisting of $185 million from the issuance of the first mortgage bonds and $35 million from a subsequent transaction with an affiliate of the company's joint-venture partner.

Net proceeds of $70 million will be used for general corporate purposes, Brookfield said. RBC Dominion Securities Inc. and Brookfield Financial Corp. acted as agents on the transaction.

Shares of Brookfield rose 18 cents to $8.01 in afternoon trading.