Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced:
that after having taken into account all election notices received by the December 16, 2019 deadline for the conversion of the Class AAA Preference Shares, Series AA (the “Series AA Shares”) (TSX: BPO.PR.A) into Class AAA Preference Shares, Series BB (the “Series BB Shares”), the holders of Series AA Shares are not entitled to convert their Series AA Shares into Series BB Shares. There were 167,613 Series AA Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series BB Shares.
The Series AA Shares will pay on a quarterly basis, for the five-year period beginning on January 1, 2020, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 4.709% (C$0.294313 per share per quarter).
BPO.PR.A is a FixedReset, 4.75%+315, that commenced trading 2014-10-23 after being announced 2014-10-7. BPO.PR.A will reset at 4.709% effective January 1, 2020. The issue is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
This entry was posted on Thursday, December 19th, 2019 at 11:37 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BPO.PR.A : No Conversion To FloatingReset
Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced:
BPO.PR.A is a FixedReset, 4.75%+315, that commenced trading 2014-10-23 after being announced 2014-10-7. BPO.PR.A will reset at 4.709% effective January 1, 2020. The issue is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
This entry was posted on Thursday, December 19th, 2019 at 11:37 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.