{"id":43176,"date":"2022-03-24T20:19:31","date_gmt":"2022-03-25T01:19:31","guid":{"rendered":"https:\/\/prefblog.com\/?p=43176"},"modified":"2022-03-24T20:19:31","modified_gmt":"2022-03-25T01:19:31","slug":"bpo-pr-p-no-conversion-to-floatingreset-2","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43176","title":{"rendered":"BPO.PR.P : No Conversion to FloatingReset"},"content":{"rendered":"<p>Brookfield Office Properties Inc. (\u201cBrookfield\u201d), a subsidiary of Brookfield Property Partners L.P. <a href=\"https:\/\/bpy.brookfield.com\/press-releases\/bpo\/brookfield-office-properties-provides-update-conversion-option-its-class-aaa-0\">has announced<\/a>:<\/p>\n<blockquote><p>that after having taken into account all election notices received by the March 15, 2022 deadline for the conversion of the Class AAA Preference Shares, Series P (the \u201cSeries P Shares\u201d) (TSX: BPO.PR.P) into Class AAA Preference Shares, Series Q (the \u201cSeries Q Shares\u201d), the holders of Series P Shares are not entitled to convert their Series P Shares into Series Q Shares. There were 118,948 Series P Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series Q Shares.<\/p>\n<p>The Series P Shares will pay on a quarterly basis, for the five-year period beginning on April 1, 2022, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 4.536% ($0.2835 per share per quarter).<\/p><\/blockquote>\n<p>BPO.PR.P was issued as a FixedReset, 5.15%+300, that <a href=\"http:\/\/prefblog.com\/?p=12655\">commenced trading 2010-10-21<\/a> after being <a href=\"http:\/\/prefblog.com\/?p=12540\">announced 2010-10-13<\/a>. The issue <a href=\"https:\/\/prefblog.com\/?p=34437\">reset to 4.161%<\/a> in 2016; I <a href=\"https:\/\/prefblog.com\/?p=34499\">recommended against conversion<\/a>; and <a href=\"https:\/\/prefblog.com\/?p=34548\">there was no conversion<\/a>. The issue <a href=\"https:\/\/prefblog.com\/?p=43070\">reset to 4.536%<\/a> in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brookfield Office Properties Inc. (\u201cBrookfield\u201d), a subsidiary of Brookfield Property Partners L.P. has announced: that after having taken into account all election notices received by the March 15, 2022 deadline for the conversion of the &hellip;<\/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-43176","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43176","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=43176"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43176\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}