BrightView Declares Fifth Consecutive Cash Dividend Payment on Preferred Stock

Rhea-AI Summary

BrightView Holdings (NYSE: BV), the leading US commercial landscaping services company, has declared its fifth consecutive quarterly cash dividend of $8.8 million on its Series A Preferred Stock. The dividend covers the period from December 31, 2024 to March 30, 2025, payable on April 1, 2025 to holders of record as of March 15, 2025.

The announcement follows the company's August 28, 2023 issuance of 500,000 shares of Series A Convertible Preferred Stock, raising $500 million. These preferred shares are convertible to common stock at $9.44 per share and carry a 7.0% annual dividend rate, compounding quarterly, which can be paid in cash or in kind at BrightView's discretion.

Positive

• Maintained five consecutive quarters of cash dividend payments
• Demonstrates strong balance sheet flexibility
• Avoiding dilutive impact by paying dividends in cash instead of stock

Negative

• 7.0% annual dividend obligation creates ongoing cash flow commitment
• Potential future dilution if preferred shares are converted to common stock

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 $8.8 million on its Series A Preferred Stock. The dividend represents payment for the period from December 31, 2024 to March 30, 2025, and will be paid on April 1, 2025 to holders of record as of March 15, 2025. Today’s dividend announcement marks the fifth 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/20250312235191/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 declared an $8.8 million cash dividend on its Series A Preferred Stock for Q1 2025.

When is the payment date for BrightView's (BV) Q1 2025 preferred dividend?

The dividend will be paid on April 1, 2025, to holders of record as of March 15, 2025.

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 carries a 7.0% annual dividend rate, compounding quarterly.

How much did BrightView (BV) raise from its Series A Preferred Stock issuance?

BrightView raised $500 million by issuing 500,000 shares of Series A Convertible Preferred Stock on August 28, 2023.