BrightView Declares Cash Dividend Payment on Preferred Stock

Rhea-AI Summary

BrightView Holdings (NYSE: BV), a leader in commercial landscaping services in the US, has declared a cash dividend of $8.91 million for its Series A Preferred Stock. This dividend covers the period from March 31, 2024, to June 30, 2024, and will be paid on July 1, 2024, to shareholders of record as of June 15, 2024. This marks the second consecutive quarterly cash dividend, showcasing the company's financial stability and commitment to avoiding shareholder dilution. Earlier, on August 28, 2023, BrightView entered into an investment agreement with One Rock Capital Partners, raising $500 million through the issuance of 500,000 shares of Series A Convertible Preferred Stock. This stock offers a 7% annual dividend, payable in kind or cash, and is convertible to common stock at $9.44 per share.

Positive

• Declaration of $8.91 million cash dividend for Series A Preferred Stock.
• Second consecutive quarterly cash dividend payment.
• Financial stability demonstrated by avoiding dilutive impacts.
• Successful $500 million investment agreement with One Rock Capital Partners.
• Series A Preferred Stock offers 7% annual dividend.

Negative

• None.

BLUE BELL, Pa.--(BUSINESS WIRE)-- BrightView Holdings, Inc. (NYSE: BV), the leading commercial landscaping services company in the United States, announced today that the Company’s Board of Directors has declared a cash dividend of $8.91 million on its Series A Preferred Stock. The dividend represents payment for the period from March 31, 2024 to June 30, 2024, and will be paid on July 1, 2024 to holders of record as of June 15, 2024. Today’s dividend announcement marks the second consecutive quarterly cash payment made possible by the Company’s balance sheet flexibility and commitment to avoid the dilutive impact caused by payment in kind.

On August 28, 2023, BrightView entered into an investment agreement with an affiliate of One Rock Capital Partners, LLC, pursuant to which the Company issued and sold, in a private placement, an aggregate of 500,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $500 million. The Series A Preferred Stock is convertible into shares of BrightView common stock at a conversion price of $9.44 per share. Holders of the Series A Preferred Stock are entitled to a dividend at the rate of 7.0% per annum, compounding quarterly, paid in kind, or paid in cash, at the Company’s election.

About BrightView

BrightView (NYSE: BV), the nation’s largest commercial landscaper, proudly designs, creates, and maintains the best landscapes on Earth and provides the most efficient and comprehensive snow and ice removal services. With a dependable service commitment, BrightView brings brilliant landscapes to life at premier properties across the United States, including business parks and corporate offices, homeowners' associations, healthcare facilities, educational institutions, retail centers, resorts and theme parks, municipalities, golf courses, and sports venues. BrightView also serves as the Official Field Consultant to Major League Baseball. Through industry-leading best practices and sustainable solutions, BrightView is invested in taking care of our team members, engaging our clients, inspiring our communities, and preserving our planet. Visit www.BrightView.com and connect with us on X (formerly known as Twitter), Facebook, and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240619821111/en/

For More Information:



Investors

Chris Stoczko, Vice President of Finance

IR@brightview.com



News Media

David Freireich, Vice President of Communications & Public Affairs

David.Freireich@brightview.com

Source: BrightView Landscapes

FAQ

What dividend did BrightView declare for Series A Preferred Stock?

BrightView declared a cash dividend of $8.91 million for its Series A Preferred Stock.

When will BrightView pay the declared dividend for Series A Preferred Stock?

The dividend will be paid on July 1, 2024, to holders of record as of June 15, 2024.

What is the conversion price for BrightView's Series A Preferred Stock?

The Series A Preferred Stock is convertible into BrightView common stock at $9.44 per share.

What is the annual dividend rate for BrightView's Series A Preferred Stock?

The annual dividend rate for the Series A Preferred Stock is 7%, compounding quarterly.

How much did BrightView raise through the investment agreement with One Rock Capital Partners?

BrightView raised $500 million through the issuance of 500,000 shares of Series A Convertible Preferred Stock.