{"id":43070,"date":"2022-03-03T21:04:02","date_gmt":"2022-03-04T02:04:02","guid":{"rendered":"https:\/\/prefblog.com\/?p=43070"},"modified":"2022-03-03T21:04:02","modified_gmt":"2022-03-04T02:04:02","slug":"bpo-pr-p-to-reset-at-4-536","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43070","title":{"rendered":"BPO.PR.P To Reset At 4.536%"},"content":{"rendered":"

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced<\/a>:<\/p>\n

the reset dividend rate on its Class AAA Preference Shares, Series P (\u201cSeries P Shares\u201d) (TSX: BPO.PR.P
\n…<\/b>
\nSeries P Shares<\/p>\n

If declared, the fixed quarterly dividends on the Series P Shares for the five years commencing April 1, 2022 and ending March 31, 2027 will be paid at an annual rate of 4.536% ($0.2835 per share per quarter).<\/p>\n

Holders of Series P Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on March 15, 2022, to convert all or part of their Series P Shares, on a one-for-one basis, into Class AAA Preference Shares, Series Q (the \u201cSeries Q Shares\u201d), effective March 31, 2022.<\/p>\n

The quarterly floating rate dividends on the Series Q Shares have an annual rate, calculated for each quarter, of 3.0% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the April 1, 2022 to June 30, 2022 dividend period for the Series Q Shares will be 0.90252% (3.62% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.22563 per share, payable on June 30, 2022.<\/p>\n

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

As provided in the share conditions of the Series P Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series P Shares outstanding after March 31, 2022, all remaining Series P Shares will be automatically converted into Series Q Shares on a one-for-one basis effective March 31, 2022; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series Q Shares outstanding after March 31, 2022, no Series P Shares will be permitted to be converted into Series Q Shares. There are currently 12,000,000 Series P Shares outstanding.<\/p>\n

The Toronto Stock Exchange (\u201cTSX\u201d) has conditionally approved the listing of the Series Q Shares effective upon conversion. Listing of the Series Q Shares is subject to Brookfield fulfilling all the listing requirements of the TSX and, upon approval, the Series Q Shares will be listed on the TSX under the trading symbol \u201cBPO.PR.Q\u201d.<\/p><\/blockquote>\n

BPO.PR.P was issued as a FixedReset, 5.15%+300, that commenced trading 2010-10-21<\/a> after being announced 2010-10-13<\/a>. The issue reset to 4.161%<\/a> in 2016; I recommended against conversion<\/a>; and there was no conversion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced: the reset dividend rate on its Class AAA Preference Shares, Series P (\u201cSeries P Shares\u201d) (TSX: BPO.PR.P … Series P Shares If …<\/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-43070","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43070","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=43070"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43070\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}