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Preferred Share Description
Brookfield Office Properties Inc. (BPO.PR.G)
4.85% Cumulative, Redeemable, Fixed Minimum Rate-Reset Class AAA, Series GG Preferred Shares
Prospectus - April 27, 2017
DBRS Credit Rating: May 9, 2018 - DBRS 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.
The ratings are based on downstream guarantees provided by Brookfield Property Partners L.P. (BPY; Senior Unsecured Debt rating of BBB with a Stable trend by DBRS; see the BPY press release dated May 2, 2018) for the benefit of the Notes and the Preferred Shares outstanding at BPO (the Guarantees). DBRS is of the view that the Guarantees are consistent with “DBRS Criteria: Guarantees and Other Forms of Support,” and as a result, the Guarantees allow for the flow-through of BPY’s Senior Unsecured Debt rating to the ratings of the outstanding Notes and Preferred Shares of its subsidiary, 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.
- 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 June 30, 2022. On June 30, 2022 and on June 30th 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 3.74%, and ii) 4.85% per year. The share's dividend rate will never be less than 4.85% per year.
- The Series GG shares will not be redeemable by the Corporation prior to June 30, 2022. On June 30, 2022 and on June 30th every five years thereafter, the Corporation may, at its option redeem the outstanding Series GG Shares for $25.00 per share,
- Holders of Series GG shares will have the right, at their option, to convert their shares into Class AAA Preference Shares, Floating-Rate Series HH shares on June 30, 2022 and on June 30th every five years thereafter. The Series HH 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 3.74%. In addition, on June 30, 2027 and on June 30 every five years thereafter, holders of the Floating-Rate Series HH shares have the right to convert all or a part of their shares into an equal number of Rate-Reset Series GG shares.
- Lead Underwriter(s)
- TD Securities, CIBC, RBC Capital Markets, Scotiabank
- Transfer Agent
- CST Trust Company
- CST Trust Company
- Dividend Reinvestment Plan
- Not available for preferred shareholders
- Corporate Action
- According to DBRS, Brookfield Office Properties Inc. has interests in 112 income properties and 20 development and/or redevelopment sites in key centres in North America, Australia and the United Kingdom, with a total of approximately 70 million leasable square feet (after minority interest, Brookfield has an effective interest in approximately 45 million leasable square feet of income properties). Brookfield Property Partners LP owns 100% of Brookfield Office Properties’ common shares.
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