{"id":12957,"date":"2010-11-11T22:57:46","date_gmt":"2010-11-12T02:57:46","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=12957"},"modified":"2010-11-11T22:57:46","modified_gmt":"2010-11-12T02:57:46","slug":"bce-pr-r-to-reset-at-4-490","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=12957","title":{"rendered":"BCE.PR.R to Reset at 4.490%"},"content":{"rendered":"<p>BCE Inc. <a href=\"http:\/\/www.bce.ca\/data\/documents\/notice_dividend_rate_en.pdf\">has announced<\/a> that it:<\/p>\n<blockquote><p>will, on December 1, 2010, continue to have Cumulative Redeemable First Preferred Shares, Series R outstanding if, following the end of the conversion period on November 17, 2010, BCE Inc. determines that at least one million Series R Preferred Shares would remain outstanding. In such a case, as of December 1, 2010, the Series R Preferred Shares will pay, on a quarterly basis, as and when declared by the Board of Directors of BCE Inc., a fixed cash dividend for the following five years that will be based on a fixed rate equal to the product of: (a) the yield to maturity compounded semi-annually (the \u201cGovernment of Canada Yield\u201d), computed on November 10, 2010 by two investment dealers appointed by BCE Inc., that would be carried by Government of Canada bonds with a 5-year maturity, multiplied by (b) the \u201cSelected Percentage Rate\u201d.<\/p>\n<p>The \u201cSelected Percentage Rate\u201d determined by BCE Inc. is 207%. The \u201cGovernment of Canada Yield\u201d is 2.169%. Accordingly, the annual dividend rate applicable to the Series R Preferred Shares for the five-year period beginning on December 1, 2010 will be 4.490%.<\/p><\/blockquote>\n<p>The announcement of the Selected Percentage Rate was <a href=\"http:\/\/www.prefblog.com\/?p=12542\">reported on PrefBlog<\/a>. Data for the <a href=\"http:\/\/www.prefblog.com\/?p=11288\">Pairs Equivalency Calculator<\/a> have been updated, but as yet the RatchetRate complement to this issue, Series Q, does not exist.<\/p>\n<p>BCE.PR.R is tracked by HIMIPref&trade; but is relegated to the Scraps index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BCE Inc. has announced that it: will, on December 1, 2010, continue to have Cumulative Redeemable First Preferred Shares, Series R outstanding if, following the end of the conversion period on November 17, 2010, BCE &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-12957","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/12957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12957"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/12957\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}