{"id":48277,"date":"2017-03-21T10:06:00","date_gmt":"2017-03-21T14:06:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48277"},"modified":"2025-07-16T10:08:06","modified_gmt":"2025-07-16T14:08:06","slug":"bpo-pr-p-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48277","title":{"rendered":"BPO.PR.P : No Conversion to FloatingReset"},"content":{"rendered":"<p> Brookfield Office Properties Inc. <a href=\"http:\/\/www.bpoinvestor.com\/investors\/news\/2017\/21-03-2017\">has announced<\/a>:<\/p>\n<blockquote><p>that after having taken into account all election notices following the March 16, 2017 conversion deadline for the Class AAA Preference Shares, Series P (the \u201cSeries P Shares\u201d) (TSX: BPO.PR.P) tendered for conversion 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 488,396 Series P Shares tendered for conversion, which is less than the 1,000,000 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, 2017, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 4.161% per annum (C$0.260063 per share per quarter).<\/p>\n<\/blockquote>\n<p>Assiduous Readers will remember that I <a href=\"http:\/\/prefblog.com\/?p=34499\">recommended against conversion<\/a> after the <a href=\"http:\/\/prefblog.com\/?p=34437\">reset to 4.161% for BPO.PR.P<\/a>.<\/p>\n<p>So BPO.PR.P is now a FixedReset, 4.161%+300. It is tracked by HIMIPref&trade; but relegated to the Scraps index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brookfield Office Properties Inc. has announced: that after having taken into account all election notices following the March 16, 2017 conversion deadline for the Class AAA Preference Shares, Series P (the \u201cSeries P Shares\u201d) (TSX: &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-48277","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48277","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=48277"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48277\/revisions"}],"predecessor-version":[{"id":48278,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48277\/revisions\/48278"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}