{"id":27528,"date":"2015-01-20T22:06:27","date_gmt":"2015-01-21T03:06:27","guid":{"rendered":"http:\/\/prefblog.com\/?p=27528"},"modified":"2015-01-20T22:06:27","modified_gmt":"2015-01-21T03:06:27","slug":"bce-pr-e-bce-pr-f-results-of-conversion","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27528","title":{"rendered":"BCE.PR.E \/ BCE.PR.F : Results of Conversion"},"content":{"rendered":"<p>BCE Inc. <a href=\"http:\/\/www.bce.ca\/news-and-media\/releases\/show\/BCE-reports-results-of-Series-AE-and-AF-Preferred-Share-conversions?page=1&#038;month=&#038;year=\">has announced<\/a>:<\/p>\n<blockquote><p>that 7,904,105 of its 14,577,100 fixed-rate Cumulative Redeemable First Preferred Shares, Series AF (&#8220;Series AF Preferred Shares&#8221;) have been tendered for conversion on February 1, 2015, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AE (&#8220;Series AE Preferred Shares&#8221;). In addition, 34,872 of its 1,422,900 Series AE Preferred Shares have been tendered for conversion on February 1, 2015, on a one-for-one basis, into Series AF Preferred Shares. Consequently, on February 1, 2015, BCE will have 6,707,867 Series AF Preferred Shares and 9,292,133 Series AE Preferred Shares issued and outstanding. The Series AF Preferred Shares and the Series AE Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbols BCE.PR.F and BCE.PR.E, respectively.<\/p>\n<p>The Series AF Preferred Shares will pay on a quarterly basis, for the five-year period beginning on February 1, 2015, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual dividend rate of 3.110%.<\/p>\n<p>The Series AE Preferred Shares will continue to pay a monthly floating adjustable cash dividend for the five-year period beginning on February 1, 2015, 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 AE Preferred Shares in the preceding month) and the Designated Percentage for the preceding month.<\/p><\/blockquote>\n<p>BCE.PR.E closed at 20.50-65 today, while BCE.PR.F closed at 19.64-71, which means that <a href=\"http:\/\/prefblog.com\/?p=27490\">those who took my advice<\/a> and converted F to E have made a very profitable switch! According to the <a href=\"http:\/\/prefblog.com\/?p=11288\">Pairs Equivalency Calculator<\/a>, the breakeven Prime Rate for the next five years at these prices is 3.93%, which is more or less in line with the breakeven rates for other <a href=\"http:\/\/prefblog.com\/?p=1378\">FixedFloater \/ Ratchet Rate Strong Pairs<\/a>.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/pairs_FF_140120.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/pairs_FF_140120-300x216.jpg\" alt=\"pairs_FF_140120\" width=\"400\" height=\"288\" class=\"alignnone size-medium wp-image-27529\" \/><\/a><br \/><i>Click For Big<\/i><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BCE Inc. has announced: that 7,904,105 of its 14,577,100 fixed-rate Cumulative Redeemable First Preferred Shares, Series AF (&#8220;Series AF Preferred Shares&#8221;) have been tendered for conversion on February 1, 2015, on a one-for-one basis, into &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-27528","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27528","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=27528"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27528\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}