BCE Inc. has announced:
that 3,635,351 of its 9,999,991 fixed-rate Cumulative Redeemable First Preferred Shares, Series AC (“Series AC Preferred Shares”) have been tendered for conversion on March 1, 2023, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AD (“Series AD Preferred Shares”). In addition, 351,634 of its 9,864,509 Series AD Preferred Shares have been tendered for conversion on March 1, 2023, on a one-for-one basis, into Series AC Preferred Shares. Consequently, on March 1, 2023, BCE will have 6,716,274 Series AC Preferred Shares and 13,148,226 Series AD Preferred Shares issued and outstanding. The Series AC Preferred Shares and the Series AD Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbols BCE.PR.C and BCE.PR.D, respectively.
The Series AC Preferred Shares will pay on a quarterly basis, for the five-year period beginning on March 1, 2023, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual fixed dividend rate of 5.08%.
The Series AD Preferred Shares will continue to pay a monthly floating adjustable cash dividend for the five-year period beginning on March 1, 2023, as and when declared by the Board of Directors of BCE. The monthly floating adjustable dividend for any particular month will continue to be calculated based on the prime rate for such month and using the Designated Percentage for such month representing the sum of an adjustment factor (based on the market price of the Series AD Preferred Shares in the preceding month) and the Designated Percentage for the preceding month.
BCE.PR.C is a FixedFloater that has been around for years. A conversion notice was sent in 2008 and it reset to 4.60%. 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%. BCE.PR.C resets to 5.08% effective 2023-3-1.
BCE.PR.D is a RatchetRate preferred that was first issued by partial conversion from BCE.PR.C.
This entry was posted on Friday, February 24th, 2023 at 7:59 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BCE.PR.C / BCE.PR.D : 17% Net Conversion To RatchetRate
BCE Inc. has announced:
BCE.PR.C is a FixedFloater that has been around for years. A conversion notice was sent in 2008 and it reset to 4.60%. 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%. BCE.PR.C resets to 5.08% effective 2023-3-1.
BCE.PR.D is a RatchetRate preferred that was first issued by partial conversion from BCE.PR.C.
This entry was posted on Friday, February 24th, 2023 at 7:59 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.