{"id":49864,"date":"2018-12-28T10:08:00","date_gmt":"2018-12-28T15:08:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49864"},"modified":"2025-08-28T10:11:40","modified_gmt":"2025-08-28T14:11:40","slug":"bpo-pr-t-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49864","title":{"rendered":"BPO.PR.T : No Conversion to FloatingReset"},"content":{"rendered":"<p>Brookfield Office Properties Inc. <a href=\"https:\/\/www.bpoinvestor.com\/investors\/news\/2018\/12-27-2018\">has announced<\/a>:<\/p>\n<blockquote>\n<p>that after having taken into account all election notices following the December 17, 2018 conversion deadline for the Class AAA Preference Shares, Series T (the \u201cSeries T Shares\u201d) (TSX: BPO.PR.T) tendered for conversion into Class AAA Preference Shares, Series U (the \u201cSeries U Shares\u201d), the holders of Series T Shares are not entitled to convert their Series T Shares into Series U Shares. There were 65,139 Series T Shares tendered for conversion, which is less than the 1,000,000 shares required to give effect to conversions into Series U Shares.<\/p>\n<p>The Series T Shares will pay on a quarterly basis, for the five-year period beginning on January 1, 2019, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 5.383% per annum (C$0.336438 per share per quarter).<\/p>\n<\/blockquote>\n<p>It will be recalled that <a href=\"https:\/\/prefblog.com\/?p=37664\">BPO.PR.T will reset at 5.383% effective January 1, 2019<\/a>.<\/p>\n<p>BPO.PR.T is a FixedReset, 4.60%+316, that <a href=\"https:\/\/prefblog.com\/?p=19729\">commenced trading 2012-9-13<\/a> after being <a href=\"http:\/\/www.prefblog.com\/?p=19633\">announced 2012-9-5<\/a>. It is tracked by HIMIPref&trade;, but relegated to the Scraps &#8211; FixedReset Discount index on credit concerns.<\/p>\n<p>I <a href=\"https:\/\/prefblog.com\/?p=37712\">recommended against conversion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brookfield Office Properties Inc. has announced: that after having taken into account all election notices following the December 17, 2018 conversion deadline for the Class AAA Preference Shares, Series T (the \u201cSeries T 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-49864","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49864","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=49864"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49864\/revisions"}],"predecessor-version":[{"id":49865,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49864\/revisions\/49865"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}