BrightView Declares Cash Dividend Payment on Preferred Stock

Rhea-AI Summary

BrightView Holdings (NYSE: BV), the leading U.S. commercial landscaping services company, has announced a $9.0 million cash dividend on its Series A Preferred Stock. This dividend covers the period from June 30, 2024 to September 29, 2024, and will be paid on October 1, 2024 to holders of record as of September 15, 2024. This marks the third consecutive quarterly cash payment, demonstrating the company's balance sheet flexibility and commitment to avoid dilutive impact.

BrightView issued 500,000 shares of Series A Convertible Preferred Stock on August 28, 2023, for a total of $500 million. These shares are convertible into common stock at $9.44 per share and carry a 7.0% annual dividend, compounding quarterly, which can be paid in kind or cash at the company's discretion.

Positive

• Third consecutive quarterly cash dividend payment
• Demonstrates balance sheet flexibility
• Avoids dilutive impact of payment in kind
• $500 million raised through Series A Preferred Stock issuance

Negative

• 7.0% annual dividend rate on Preferred Stock may impact cash reserves

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 $9.0 million on its Series A Preferred Stock. The dividend represents payment for the period from June 30, 2024 to September 29, 2024, and will be paid on October 1, 2024 to holders of record as of September 15, 2024. Today’s dividend announcement marks the third 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 issued and sold an aggregate of 500,000 shares of its Series A Convertible Preferred Stock 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/20240918745163/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 is the amount of BrightView's (BV) cash dividend on Series A Preferred Stock?

BrightView (BV) has declared a cash dividend of $9.0 million on its Series A Preferred Stock.

When will BrightView (BV) pay the dividend on Series A Preferred Stock?

BrightView (BV) will pay the dividend on October 1, 2024, to holders of record as of September 15, 2024.

What period does BrightView's (BV) latest dividend cover?

The dividend covers the period from June 30, 2024 to September 29, 2024.

How many consecutive quarterly cash payments has BrightView (BV) made on its Preferred Stock?

BrightView (BV) has made three consecutive quarterly cash payments on its Series A Preferred Stock.

What is the conversion price of BrightView's (BV) Series A Preferred Stock?

BrightView's (BV) Series A Preferred Stock is convertible into common stock at a price of $9.44 per share.