{"id":50484,"date":"2019-07-18T20:44:00","date_gmt":"2019-07-19T00:44:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50484"},"modified":"2025-10-29T20:45:54","modified_gmt":"2025-10-30T00:45:54","slug":"brf-pr-c-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50484","title":{"rendered":"BRF.PR.C : No Conversion to FloatingReset"},"content":{"rendered":"<p>Brookfield Renewable Partners L.P. <a href=\"https:\/\/bep.brookfield.com\/press-releases\/2019\/07-18-2019-223834653\">has announced<\/a>:<\/p>\n<blockquote><p> that after having taken into account all election notices received by the July 16, 2019 deadline for conversion of Brookfield Renewable Power Preferred Equity Inc.\u2019s (\u201cBRP Equity\u201d) currently outstanding Class A Preference Shares, Series 3 (the \u201cSeries 3 Shares\u201d) (TSX: BRF.PR.C) into Class A Preference Shares, Series 4 (the \u201cSeries 4 Shares\u201d), no Series 3 Shares will be converted into Series 4 Shares. As of the July 31, 2019 conversion date, there would have been fewer than the minimum 1,000,000 Series 4 Shares outstanding required to give effect to the conversion.<\/p>\n<p>As announced by Brookfield Renewable on July 2, 2019, after July 31, 2019, holders of the Series 3 Shares will be entitled to receive fixed quarterly dividends, as and when declared by the board of directors of BRP Equity. The dividend rate for the five-year period commencing on August 1, 2019 and ending July 31, 2024 will be 4.351% per annum ($0.2719375 per share per quarter).<\/p>\n<\/blockquote>\n<p>BRF.PR.C is a FixedReset, 4.40%+294, that <a href=\"http:\/\/prefblog.com\/?p=19964\">commenced trading 2010-10-11<\/a> after being <a href=\"http:\/\/www.prefblog.com\/?p=19869\">announced 2010-10-1<\/a>. The issue <a href=\"http:\/\/prefblog.com\/?p=39035\">will reset at 4.351%<\/a> effective August 1, 2019. I <a href=\"http:\/\/prefblog.com\/?p=39077\">recommended against conversion<\/a>. The issue has been tracked by HIMIPref&trade;, but assigned to the Scraps &#8211; FixedReset (Discount) subindex on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brookfield Renewable Partners L.P. has announced: that after having taken into account all election notices received by the July 16, 2019 deadline for conversion of Brookfield Renewable Power Preferred Equity Inc.\u2019s (\u201cBRP Equity\u201d) currently outstanding &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-50484","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50484","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=50484"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50484\/revisions"}],"predecessor-version":[{"id":50485,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50484\/revisions\/50485"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}