PrefBlog

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced:

that it intends to: … Redeem all 5,909,250 of its outstanding Class AAA Preference Shares, Series K (TSX: BPO.PR.K) (the “Series K Shares”), all of which are beneficially held by CDS & Co., as nominee of CDS Clearing and Depositary Services Inc., for cash on March 31, 2017. The redemption price for each such share will be C$25.00 plus accrued and unpaid dividends thereon (which as of March 31, 2017 will be C$0), representing a total redemption price of C$25.00.

Notices of Redemption for both series have been sent to CDS & Co. Payment of the redemption price will be made on or after March 31, 2017 through the facilities of CDS & Co. to … all beneficial holders of the Series K Shares.

BPO.PR.K is a 5.20% Retractible, issued 2004-10-22. It became retractible for shares on 2016-12-31. There was a partial exchange of BPO.PR.K for BPS.PR.C in 2014; BPS is Brookfield Property Split Corp.

So anyway, now we know what the company meant in its press release announcing the issue currently trading as BPO.PR.E. Good catch by Assiduous Reader mbarbon in highlighting their sentence:

The net proceeds of the issue will be used by Brookfield Office Properties for general corporate purposes which may include the redemption of existing preferred shares.

This entry was posted on Wednesday, March 1st, 2017 at 10:48 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.