RE:RE:RE:Q2 Page 31 Bircliff Q2the perpetual is not debt
the other series is convertible
so it will become equity.
this will increase the number of shares outstanding
so it may or may not be dilutive to free cash flow per share.
the conversion will come in the next couple of years.
yes the pref is expensive capital. no argument.
however I would argue it is not the same as debt.
if I were paramount I would be careful with debt.
they have had "issues" with it in the past.
MyHoneyPot wrote: No all perferred are perpetual some are convertable. Some are redeemable.
June 30, 2020: Series C redeemable by holder, on this date and the last day of each quarter hereafter, at $25.00 per share (plus accrued and unpaid dividends); upon receipt of notice for redemption, Birchcliff may elect to convert into common shares (see note)