{"id":42512,"date":"2021-09-04T10:05:32","date_gmt":"2021-09-04T15:05:32","guid":{"rendered":"http:\/\/prefblog.com\/?p=42512"},"modified":"2021-09-04T10:05:32","modified_gmt":"2021-09-04T15:05:32","slug":"bpo-pr-r-to-reset-to-4-30","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42512","title":{"rendered":"BPO.PR.R To Reset To 4.30%"},"content":{"rendered":"

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced<\/a> (on 2021-9-1):<\/p>\n

the reset dividend rate and conversion privileges on its Class AAA Preference Shares, Series R (\u201cSeries R Shares\u201d) (TSX: BPO.PR.R) and Class AAA Preference Shares, Series S (\u201cSeries S Shares\u201d) (TSX: BPO.PR.S).<\/p>\n

Series R Shares<\/p>\n

If declared, the fixed quarterly dividends on the Series R Shares for the five years commencing October 1, 2021 and ending September 30, 2026 will be paid at an annual rate of 4.30% ($0.26875 per share per quarter).<\/p>\n

Holders of Series R Shares have the right, at their option, exercisable no later than 5:00 p.m. (Toronto time) on September 15, 2021, to convert all or part of their Series R Shares, on a one-for-one basis, into Class AAA Preference Shares, Series S (the \u201cSeries S Shares\u201d), effective September 30, 2021.<\/p>\n

The quarterly floating rate dividends on the Series S Shares have an annual rate, calculated for each quarter, of 3.48% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the October 1, 2021 to December 31, 2021 dividend period for the Series S Shares will be 0.92252% (3.66% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.23063 per share, payable on December 31, 2021.<\/p>\n

Holders of Series R Shares are not required to elect to convert all or any part of their Series R Shares into Series S Shares.<\/p>\n

As provided in the share conditions of the Series R Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series S Shares outstanding after September 30, 2021, all remaining Series R Shares will be automatically converted into Series S Shares on a one-for-one basis effective September 30, 2021; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series S Shares outstanding after September 30, 2021, no Series R Shares will be permitted to be converted into Series S Shares. There are currently 8,883,425 Series R Shares outstanding.<\/p>\n

Series S Shares<\/p>\n

Holders of Series S Shares have the right, at their option, exercisable no later than 5:00 p.m. (Toronto time) on September 15, 2021, to convert all or part of their Series S Shares, on a one-for-one basis, into the Series R Shares, effective September 30, 2021.<\/p>\n

Holders of Series S Shares are not required to elect to convert all or any part of their Series S Shares into Series R Shares.<\/p>\n

As provided in the share conditions of the Series S Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series R Shares outstanding after September 30, 2021, all remaining Series S Shares will be automatically converted into Series R Shares on a one-for-one basis effective September 30, 2021; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series R Shares outstanding after September 30, 2021, no Series S Shares will be permitted to be converted into Series R Shares. There are currently 1,116,575 Series S Shares outstanding.<\/p><\/blockquote>\n

BPO.PR.R was issued as a 5.10%+348 FixedReset that commenced trading 2011-9-2<\/a> after being announced 2011-8-25<\/a>. The issue reset to 4.155%<\/a> in 2016 and there was an 11% conversion to the FloatingReset<\/a> BPO.PR.S.<\/p>\n

BPO.PR.S is a FloatingReset, Bills+348, that arose via a partial conversion from BPO.PR.R<\/a> in 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced (on 2021-9-1): the reset dividend rate and conversion privileges on its Class AAA Preference Shares, Series R (\u201cSeries R Shares\u201d) (TSX: BPO.PR.R) …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-42512","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42512"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42512\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}