BrightView Declares Cash Dividend Payment on Preferred Stock

Rhea-AI Summary

BrightView Holdings (NYSE: BV), the leading U.S. commercial landscaping services company, has declared a $9.0 million cash dividend on its Series A Preferred Stock. The dividend covers the period from September 30, 2024 to December 30, 2024, payable on January 2, 2025, to holders of record as of December 15, 2024.

This marks the fourth consecutive quarterly cash payment, reflecting the company's balance sheet flexibility. The Series A Preferred Stock, issued on August 28, 2023, consists of 500,000 shares sold for $500 million aggregate purchase price, convertible into common stock at $9.44 per share. Holders are entitled to a 7.0% annual dividend, compounding quarterly, payable either in cash or in kind.

Positive

• Fourth consecutive quarterly cash dividend payment demonstrates financial stability
• Strong balance sheet flexibility maintained
• Company avoiding dilutive impact of payment-in-kind dividends

Negative

• 7.0% annual dividend rate represents significant ongoing financial obligation
• Potential future dilution risk from convertible preferred shares

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 September 30, 2024 to December 30, 2024, and will be paid on January 2, 2025 to holders of record as of December 15, 2024. Today’s dividend announcement marks the fourth consecutive quarterly cash payment made possible by the Company’s continued 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/20241216597890/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) latest preferred stock dividend payment?

BrightView's latest preferred stock dividend payment is $9.0 million.

When will BrightView (BV) pay its next preferred stock dividend?

BrightView will pay its preferred stock dividend on January 2, 2025, to holders of record as of December 15, 2024.

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

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

What is the dividend rate for BrightView's (BV) Series A Preferred Stock?

The Series A Preferred Stock has a dividend rate of 7.0% per annum, compounding quarterly.

How many consecutive quarters has BrightView (BV) paid cash dividends on preferred stock?

BrightView has paid cash dividends on preferred stock for four consecutive quarters.