BLUE BELL, PA — BrightView Holdings Inc. (NYSE: BV) declared an $8.9 million cash dividend on its Series A Convertible Preferred Stock, extending a run of quarterly cash payments that the commercial landscaping company says has helped avoid shareholder dilution associated with stock-based dividend payments.
The dividend covers the period from March 31 through June 29 and will be paid July 1 to shareholders of record as of June 15, the company disclosed.
The payment marks BrightView’s tenth consecutive quarterly cash dividend on the preferred shares since the company issued the security in 2023.
BrightView raised $500 million through the sale of 500,000 shares of Series A Convertible Preferred Stock on Aug. 28, 2023. The preferred shares carry a 7% annual dividend rate that compounds quarterly and can be paid either in cash or in kind at the company’s election.
By continuing to make cash payments, BrightView avoids issuing additional preferred shares as dividend compensation, a practice that can increase dilution for existing shareholders.
The preferred stock is convertible into BrightView common shares at a conversion price of $9.44 per share.
The company cited continued balance-sheet flexibility as supporting its ability to maintain cash dividend payments on the preferred securities.
BrightView is the largest commercial landscaping services provider in the United States, serving clients that include corporate campuses, homeowners associations, healthcare facilities, educational institutions, municipalities, resorts, sports venues and golf courses. The company also provides snow and ice management services nationwide.
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