BPO.PR.I To Be Redeemed

Brookfield Office Properties has announced:

that that it intends to redeem all of its outstanding Class AAA Preference Shares, Series I (the “Series I Shares”) on March 30, 2012. The Redemption Price will be C$25.00 per Series I Share.

There are currently 6,138,022 outstanding Series I Shares, which are listed on the Toronto Stock Exchange under the symbol BPO.PR.I. All of the Series I Shares are held beneficially through CDS & Co., as nominee of CDS Clearing and Depositary Services Inc.

Notice of Redemption has been sent to CDS & Co. Payment of the Redemption Price will be made to all beneficial holders of the Series I Shares on or after March 30, 2012 through the facilities of CDS & Co.

BPO.PR.I is an interesting issue, since (as discussed in the post BPO.PR.I: What is the Meaning of Existence?), it has been both redeemable and retractible at par for quite some time … but both the issuer and the holders have been perfectly content to let it trade. BPO.PR.I is tracked by HIMIPref™ but has been relegated to the Scraps index on credit concerns.

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