Brookfield Office Properties - 4.85% Rate Reset Preferred Share New Issue
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Brookfield Office Propertiesis issuing $250M of 4.85% Minimum Rate Reset Cumulative Preferred Shares. The first dividend reset date is Dec-31-2022 at at the then efffective 5 year Gov. of Canada bond yield plus 3.23%, provided the rate is not less than 4.85%.
On Dec-31-2023 and every five years thereafter, holders have the option to convert into an equal number cumulative floating rate preferred shares with a floating quarterly dividend rate for a quarter equal to the 3-month Government of Canada TBill Rate plus 3.23%.
Rating: DBRS Pfd-3(Stable)
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