{"id":41655,"date":"2020-11-30T23:30:54","date_gmt":"2020-12-01T04:30:54","guid":{"rendered":"http:\/\/prefblog.com\/?p=41655"},"modified":"2020-11-30T23:30:54","modified_gmt":"2020-12-01T04:30:54","slug":"bce-pr-r-no-conversion-to-ratchetrate","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41655","title":{"rendered":"BCE.PR.R : No Conversion To RatchetRate"},"content":{"rendered":"<p>BCE Inc. <a href=\"https:\/\/bce.ca\/news-and-media\/releases\/show\/BCE-reports-results-of-conversion-of-its-series-R-preferred-shares-into-series-Q-preferred-shares-2?page=1&#038;month=&#038;year=&#038;perpage=25\">has announced<\/a> (on November 18):<\/p>\n<blockquote><p>that none of its fixed rate Cumulative Redeemable First Preferred Shares, Series R (Series R Preferred Shares) will be converted into floating rate Cumulative Redeemable First Preferred Shares, Series Q (Series Q Preferred Shares) on December 1, 2020.<\/p>\n<p>On October 15, 2020, BCE notified registered holders of Series R Preferred Shares that they could elect to convert their shares into Series Q Preferred Shares subject to the terms and conditions attached to those shares. Only 156,972 of BCE&#8217;s 8,000,000 Series R Preferred Shares were tendered for conversion on December 1, 2020 into Series Q Preferred Shares. As this would result in there being less than one million Series Q Preferred Shares outstanding, no Series R Preferred Shares will, as per the terms and conditions attached to those shares, be converted on December 1, 2020 into Series Q Preferred Shares. Registered holders who had elected to convert their Series R Preferred Shares will be receiving, by December 1, 2020, share certificates representing the number of Series R Preferred Shares tendered for conversion.<\/p>\n<p>The Series R Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbol BCE.PR.R. The Series R Preferred Shares will pay on a quarterly basis, for the five-year period beginning on December 1, 2020, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual dividend rate of 3.018%.<\/p><\/blockquote>\n<p>BCE.PR.R is a FixedFloater that <a href=\"http:\/\/prefblog.com\/?p=12957\">reset to 4.490%<\/a> in 2010 with <a href=\"http:\/\/prefblog.com\/?p=13038\">no conversion to RatchetRate<\/a>. It <a href=\"http:\/\/prefblog.com\/?p=31230\">reset to 4.13%<\/a> in 2015, and will <a href=\"http:\/\/prefblog.com\/?p=41584\">reset to 3.018%<\/a> effective 2020-12-1.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BCE Inc. has announced (on November 18): that none of its fixed rate Cumulative Redeemable First Preferred Shares, Series R (Series R Preferred Shares) will be converted into floating rate Cumulative Redeemable First Preferred Shares, &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-41655","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41655","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=41655"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41655\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}