Published on 12/20/2016 in the Prospect News Canadian Bonds Daily, Prospect News Investment Grade Daily and Prospect News Liability Management Daily.
Brookfield renews normal course issuer bid for 13 series of preferreds
By Angela McDaniels
Tacoma, Wash., Dec. 20 – Brookfield Office Properties Inc. renewed its normal course issuer bid to purchase up to 10% of the public float of each series of its outstanding class AAA preference shares that are listed on the Toronto Stock Exchange, according to a company news release.
The Toronto Stock Exchange has approved the renewal.
The details of the issuer bid are noted in the table below. The number of shares outstanding and the public float are calculated as of Dec. 9.
In accordance with Toronto Stock Exchange rules, daily repurchases of series G, S, V, W and Y preferreds are limited to 1,000 preferreds. For each of the other series of preferreds, the limit is 25% of the average daily trading volume.
The normal course issuer bid will end Dec. 21, 2017.
Brookfield will pay the market price at the time of acquisition for any preferreds purchased. All preferreds acquired under the bid will be canceled.
Brookfield said it has not repurchased any preferreds in the past 12 months.
Toronto-based Brookfield Office Properties is a subsidiary of Brookfield Property Partners that owns and operates office, retail, multifamily, industrial, hotel and lease assets.
Brookfield normal course issuer bid
| Series | Ticker | Shares outstanding | Public float | Total maximum | Daily maximum
|
| Series G | BPOPrU | 4,239,857 | 3,236,308 | 323,630 | 1,000
|
| Series J | BPOPrJ | 7,592,443 | 6,592,443 | 659,244 | 1,745
|
| Series K | BPOPrK | 6 million | 4,995,414 | 499,541 | 1,478
|
| Series N | BPOPrN | 11 million | 11 million | 1.1 million | 3,290
|
| Series P | BPOPrP | 12 million | 12 million | 1.2 million | 2,880
|
| Series R | BPOPrR | 8,883,425 | 8,883,425 | 888,342 | 2,739
|
| Series S | BPOPrS | 1,116,575 | 1,116,575 | 111,657 | 1,000
|
| Series T | BPOPrT | 10 million | 10 million | 1 million 2,326
|
| Series V | BPOPrX | 1,805,489 | 1,290,789 | 129,078 | 1,000
|
| Series W BPOPrW | 3,816,527 | 1,884,427 | 188,442 | 1,000
|
| Series Y | BPOPrY | 2,847,711 | 1,242,911 | 124,291 | 1,000
|
| Series AA | BPOPrA | 12 million | 11,975,000 | 1,197,500 | 2,211
|
| Series CC | BPOPrC | 8 million | 8 million 800,000 | 2,753
|
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