BCE.PR.C / BCE.PR.D Conversion Notice Sent

BCE Inc. has released the conversion notice for BCE.PR.C (Fixed-Floater) and a matching notice for BCE.PR.D (Ratchet Rate).

These issues constitute a Strong Pair.

The effective date of the interconversion is 2018-3-1. The deadline for instructing the company to convert shares is 5:00 p.m. (Eastern time) on February 19, 2018 – but note that brokers serving the public will probably have internal deadlines a day or two in advance of this. The new dividend rate on BCE.PR.C will be published 2018-2-7.

The outstanding shares of BCE.PR.C have paid 3.55% since the last conversion in 2013. Prime was at 3.00% when the last conversion was effective … 45bp lower than the current rate!

These shares are trading at very nearly the same price … alas, there isn’t much of a last-minute arbitrage possibility here!

I will post more when the fixed rate (for the next five years) is known.

This entry was posted on Friday, February 2nd, 2018 at 11:33 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “BCE.PR.C / BCE.PR.D Conversion Notice Sent”

  1. BCE.PR.C To Reset To 5.08%; Interconvertible with BCE.PR.D « PrefBlog says:
    February 9, 2023 at 9:56 pm

    […] About 55% was converted to BCE.PR.D. A conversion notice was sent in 2013 and it reset to 3.55%. A conversion notice was sent in 2018 and it reset to 4.38%. I recommended […]

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