PrefBlog

Brookfield Office Properties Inc. has announced:

that after having taken into account all election notices following the March 16, 2017 conversion deadline for the Class AAA Preference Shares, Series P (the “Series P Shares”) (TSX: BPO.PR.P) tendered for conversion into Class AAA Preference Shares, Series Q (the “Series Q Shares”), the holders of Series P Shares are not entitled to convert their Series P Shares into Series Q Shares. There were 488,396 Series P Shares tendered for conversion, which is less than the 1,000,000 shares required to give effect to conversions into Series Q Shares.

The Series P Shares will pay on a quarterly basis, for the five-year period beginning on April 1, 2017, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 4.161% per annum (C$0.260063 per share per quarter).

Assiduous Readers will remember that I recommended against conversion after the reset to 4.161% for BPO.PR.P.

So BPO.PR.P is now a FixedReset, 4.161%+300. It is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

This entry was posted on Tuesday, March 21st, 2017 at 6:05 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.