THERE SEEMS TO BE CONFUSION–HERE FROM THE MERGER DOCUMENTS
The distribution rate for the New LP Preferred Units will be 6.25% per annum of the $25.00 liquidation preference per unit (equal to $1.5625 per unit per annum). The distribution rate per annum may also increase by 5.00% in certain instances as described further in “Information Concerning New LP and the New LP Preferred Units — Description of the New LP Preferred Units”.
As expected the new issue is ranked in parity with all other preferreds and will become redeemable on 7/26/2026. Dividends will be paid on the 30th of 3,6,9,12–starting with a stub payment on 9/30/2021. All the details are in this document.
Brookfield Asset Management (BAM) has purchased Brookfield Property Partners LP (formerly BPY)–the deal closed yesterday.
As part of the deal BAM issued a new Brookfield Property Partners preferred was issued to BPY holders. The new issue has a coupon of 6.25% and is now (today) trading on NASDAQ under ticker BPYPM. All of the BPY preferred now outstanding remain trading–see them here.
I don’t have all the details on this new issue yet, but will post when I can ferret them all out. I think it is fair assumption to assume they are cumulative and likely rated BB+ by Standard and Poor’s (same as the other issues).
Thanks to the folks on the Reader Initiated Alerts page for the heads up.