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Preferred Share Description
Brookfield Office Properties Inc. (BPO.PR.I) **New Issue**
4.85% Cumulative, Redeemable, Fixed Minimum Rate-Reset Class AAA, Series II Preferred Shares
Prospectus - November 30, 2017
DBRS Credit Rating: November 8, 2016 - DBRS has today confirmed Brookfield Office Properties Inc.’s Senior Unsecured Notes rating at BBB and Cumulative Redeemable Preferred Shares, Class AAA rating at Pfd-3, both with Stable trends. This rating action removes the ratings from Under Review with Developing Implications. On November 1, 2016, DBRS maintained the Under Review status of the ratings following Brookfield Property Partners L.P.’s (BPY) recent internal restructuring involving BPO.
Reorganization Note: April 24, 2014 - Brookfield Property Partners (BPY.UN:CA) acquires all outstanding common shares of Brookfield Office Properties (BPO:CA). Holders of BPO preference shares series G, H, J and K preferred shares would continue to hold their BPO preference shares and the share conditions would be modified in order to make them convertible into BPY units rather than convertible into BPO common shares. There are no changes being made to the other BPO preference shares and all of the BPO preference shares outstanding following the new Arrangement will continue to be listed on the TSX.
Note: The shares are expected to begin trading on or about December 7, 2017.
- DBRS Rating
- Pfd-3 Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.2125 per share per year
- Dividend Dates
- Payable on the last day of March, June, September and December
- Dividend Details
- The initial annual dividend rate will be fixed at 4.85% until December 31, 2022. On December 31, 2022 and on December 31st every five years thereafter, the annual dividend will be reset and fixed to a rate equal to the greater of i) the sum of the 5 year Government of Canada Yield (GCAN5YR) plus 3.23%, and ii) 4.85% per year. The share's dividend rate will never be less than 4.85% per year.
- The Series II shares will not be redeemable by the Corporation prior to December 31, 2022. On December 31st, 2022 and on December 31st every five years thereafter, the Corporation may, at its option redeem the outstanding Series II Shares for $25.00 per share.
- Holders of Series II shares will have the right, at their option, to convert their shares into Class AAA Preference Shares, Floating-Rate Series JJ shares on December 31, 2022 and on December 31st every five years thereafter. The Series JJ shares will calculate and pay dividends quarterly. The Floating Quarterly Dividend Rate will be equal to the sum of the Government of Canada 3 month Treasury Bill Rate plus 3.23%. In addition, on December 31, 2027 and on December 31st every five years thereafter, holders of the Floating-Rate Series JJ shares have the right to convert all or a part of their shares into an equal number of Rate-Reset Series II shares.
- Lead Underwriter(s)
- Scotia Capital Inc., CIBC, RBC Dominion Securities Inc., TD Securities Inc.
- Transfer Agent
- CST Trust Company
- CST Trust Company
- Dividend Reinvestment Plan
- Not available for preferred shareholders
- Last Updated