BN.PF.H To Be (Partly?) Redeemed

As part of its new issue announcement, Brookfield Corporation announced:

Brookfield intends to use the net proceeds from the Offering to redeem a minimum of C$200,000,000 of its outstanding Cumulative Class A Preference Shares, Series 44 (“Preferred Shares, Series 44”) (TSX: BN.PF.H) for cash on December 31, 2025. If the Underwriters’ option is exercised in full, Brookfield intends to redeem all of its Preferred Shares, Series 44 on December 31, 2025. The redemption price for each share will be C$25.00. Holders of Preferred Shares, Series 44 of record as of December 15, 2025 will receive the previously declared quarterly dividend of C$0.3125 per share, payable on December 31, 2025.

BN.PF.H was issued as BAM.PF.H, a FixedReset 5.00%+417M500, that commenced trading 2015-10-2 after being announced 2015-9-24. The issue reset to 5.00% (the minimum rate) in 2020. The ticker changed to BN.PF.H in late 2022. The issue is tracked by HIMIPref™ and has been assigned to the FixedResets subindex.

Thanks to Assiduous Reader P_I for bringing this to my attention!

Update, 2025-11-26: As part of its announcement on the closing of 250-million par value BN.PF.M, Brookfield has announced:

Brookfield intends to use the net proceeds from the Offering to redeem all of its outstanding Cumulative Class A Preference Shares, Series 44 (“Preferred Shares, Series 44”) (TSX: BN.PF.H) for cash on December 31, 2025. The redemption price for each share will be C$25.00. Holders of Preferred Shares, Series 44 of record as of December 15, 2025 will receive the previously declared quarterly dividend of C$0.3125 per share, payable on December 31, 2025.