Brookfield Corporation has announced:
that it intends to redeem all of its Cumulative Redeemable Class A Preference Shares, Series 51 (the “Series 51 Shares”) (TSX: BN.PF.K) and all of its Cumulative Redeemable Class A Preference Shares, Series 52 (the “Series 52 Shares”) (TSX: BN.PF.L) for cash on November 1, 2026 (the “Redemption Date”). The redemption price for each Series 51 Share will be $22.44, together with all accrued and unpaid dividends up to but excluding the Redemption Date. The redemption price for each Series 52 Share will be $22.00. Holders of the Series 52 Shares of record as of October 15, 2026 will also receive the previously declared final quarterly dividend of $0.151250 per Series 52 Share, payable on October 30, 2026.
BAM.PF.K was originally issued as BAM.PR.E; at the time of transformation the par value was changed from 25.00. It formed the RatchetRate component of a Strong Pair, the FixedFloater component being BAM.PR.G, now BN.PF.L. Both components of the pair are being redeemed.
To say the redemption took the market by surprise is something of an understatement: BN.PF.K was up 4.44, or 24.65% today while BN.PF.L was up 3.90, or 21.49%.
Thanks to Assiduous Reader cwrea for bringing this to my attention!