more compelling reasons to buy timpb, page-8

Sorry, there is no specific claim from Brookfield. However, I managed to track down equity analysts on Bloomberg who cover Brookfield Asset Management. One of them emailed me a response to my question about this, basically stating that company's borrowing cost is well below Step Up rate and probably better than base rate (imho) and in his view, BAM will repay noteholders with senior debt.

QUOTE from analyst
"Given cost of this capital, and what they’ve recently paid for new capital – my best guess is that they would be paying that off asap."