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Broadcom, Inc., 8.00% Mandatory Convertible Prfd Stock, Series A Due 9/30/2022
Ticker Symbol: AVGOP* CUSIP: 11135F200 Exchange: NGS
* NOTE: This security is no longer trading as of 9/30/2022
QUANTUMONLINE.COM SECURITY DESCRIPTION: Broadcom, Inc., 8.00% Mandatory Convertible Preferred Stock, Series A Due 9/30/2022, liquidation preference $1,000 per share. The preferred shares are mandatorily convertible on 9/30/2022 into a variable number of Broadcom, Inc (NYSE: AVGO) common shares based on the then current price of the common shares for 20 consecutive trading days immediately prior to the conversion date. The conversion settlement rate will be 3.0303 shares per unit if the then current market price is equal to or greater than $330.00 and 3.5422 shares per unit if the market price is equal to or less than $282.31. For market prices between those values the settlement rate will be $1,000 divided by the market value. The last reported sale price of the common stock on 9/24/2019 was $282.31 per share. The preferred shares are convertible any time at the holder’s option into 3.0303 shares of common stock. Distributions of 8.0% per annum ($80 per annum or $20 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record dates 3/15, 6/15, 9/15 & 12/15 preceding the payment date (NOTE: the ex-dividend date is one business day prior to the record date). If a Fundamental Change occurs on or prior to 9/30/2022, holders of the Mandatory Convertible Preferred Stock will have the option to convert their shares of Mandatory Convertible Preferred Stock, in whole or in part into the Issuer’s common stock at the Fundamental Change Conversion Rate. Holders who convert their Mandatory Convertible Preferred Stock within the Fundamental Change Conversion Period will also receive a Fundamental Change Dividend Make-Whole Amount (See Prospectus for more information). Dividends paid by this preferred are eligible for a preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under normal holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-55 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the mandatory convertible preferred stock and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conversion Shares@Price |
Distribution Dates |
15% Tax Rate |
NGS
Chart
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8.00%
$80.00
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$1,000.00
$1,000.00
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Not Redeemable
9/30/2022
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NR NR
4/14/2022
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3.0303@$330+
3.5422@282.31-
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3/31, 6/30, 9/30 & 12/31
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (AVGO)
IPO - 9/25/2019 - 3.25 Million Shares @ $1000.00 /share.
Link to IPO Prospectus
Market Value $3.25 Billion
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 1320 Ridder Park Drive, San Jose, CA 95131 |
Main Phone Number |
408-433-8000 |
Fax Number |
Not Available |
Investor Relations
Beatrice F. Russotto
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408-433-8000
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CEO - Hock E. Tan |
CFO - Kirsten Spears |
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