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Brighthouse Financial, 5.375% Dep Shares Series C Non-Cumul Perp Preferred Stock
Ticker Symbol: BHFAN CUSIP: 10922N707 Exchange: NGS
Nov 18, 2020 -- AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” to the $500 million, 5.375% non-cumulative preferred stock, Series C, to be issued by Brighthouse Financial, Inc. (Brighthouse) (headquartered in Charlotte, NC) [NASDAQ: BHF]. The outlook assigned to this Credit Rating (rating) is stable.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Brighthouse Financial, Inc., 5.375% Depositary Shares, each representing a 1/1,000th interest in a depositary share of Series C Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 12/25/2025 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 5.375% per annum ($1.34375 per annum or $0.3359375 per quarter) will be paid quarterly on 3/25, 6/25, 9/25 & 12/25 to holders of record on the 15th day prior to the payment date or other record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-33 of the prospectus for further information). The Company may redeem the Depositary Shares before 12/25/2025 at 100% of their principal amount plus accrued and unpaid interest, if a regulatory capital event occurs; before 12/25/2025 at 102% of their principal amount plus accrued and unpaid interest if a rating agency event occurs. (see prospectus for further information). This security was rated as Ba2 by Moody’s and BBB- by S&P at the date of its IPO. This security was rated as BB+ by Fitch Ratings Co. at the date of its IPO. 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 preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (BHF)
IPO - 11/10/2020 - 20.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: BTHFL Changed: 11/23/2020
Market Value $500.0 Million
Click for current BHFAN price quote from the NASDAQ
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: 11225 North Community House Road, Charlotte, NC 28277 |
Main Phone Number |
980-365-7100 |
Fax Number |
Not Available |
Investor Relations
Dana Amante
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980-949-3073
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CEO - Eric T. Steigerwalt |
CFO - Edward A. Spehar |
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