The terms of this issue have changed, effective 2006-08-01, in accordance with the prospectus and the resetting of the coupon.

The coupon rate is now 4.65% until 2011-08-01. HIMIPref assumes that on that date it will become a Ratchet-Rate issue, since the company has discretion as to the fixed rate to which the issue will be reset.

No shares were converted to the Ratchet-Rate preferreds, since the holders of less than 2-million shares wished to exercise that privilege.

The old HIMIPref security code for this issue was A38004; following a “term change” reorganization, the new code is A38005.

7 Responses to “BC.PR.C”

  1. […] Update, 2006-08-03, 9:30am EDT The prices have been recovered and the system is ready to go. Disregard the valuation assigned to the BC.PR.C – this is higher than it should be for technical reasons related to the change of terms […]

  2. […] See the Change in Terms […]

  3. […] Boy, changing the terms on these things really helps out volume, eh? […]

  4. […] It is interesting! I wonder who’s selling and forcing the price down? People may be comparing to BC.PR.C and assuming that there will be a forced-conversion into an issue with a 4.65% coupon that will trade below par … but BC.PR.C is holding its own, quoted at 25.05-23 today on heavy volume. […]

  5. […] It’s interesting to compare with the fairly recent BC.PR.C conversion offer … Bell offered a fixed rate of 4.65% to the BC.PR.C holders and an insufficient number of them wanted to exchange into the ratchet-rates for Bell to create the issue. Bell’s a slightly better credit, too, rated Pfd-2 as opposed to BCE’s Pfd-2(low). […]

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