{"id":42032,"date":"2021-03-05T12:07:24","date_gmt":"2021-03-05T17:07:24","guid":{"rendered":"http:\/\/prefblog.com\/?p=42032"},"modified":"2021-03-05T12:07:24","modified_gmt":"2021-03-05T17:07:24","slug":"bce-pr-m-to-reset-to-2-939","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42032","title":{"rendered":"BCE.PR.M To Reset To 2.939%"},"content":{"rendered":"

BCE Inc. has announced<\/a>:<\/p>\n

NOTICE IS HEREBY GIVEN THAT:<\/p>\n

1. Holders of fixed-rate BCE Inc. Series AM Preferred Shares have the right to convert all or part of their shares,
\neffective on March 31, 2021, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred
\nShares, Series AN of BCE Inc. (the \u201cSeries AN Preferred Shares\u201d). In order to convert their shares, holders must
\nexercise their right of conversion during the conversion period, which runs from March 1, 2021 until 5:00 p.m.
\n(Montr\u00e9al\/Toronto time) on March 16, 2021.<\/p>\n

2. Holders not wishing to convert or who do not comply with the instructions set out in paragraph 3 below by
\nthe appropriate deadline will, subject to paragraph 6 below, retain their Series AM Preferred Shares and,
\naccordingly, will continue to receive a fixed quarterly dividend as described in paragraph 4 below. However,
\nbut subject to paragraph 6 below, on March 31, 2026, and every five years thereafter, holders of both Series
\nAM Preferred Shares and Series AN Preferred Shares will have the right to convert their shares into shares of
\nthe other series.<\/p>\n

3. In order to exercise its conversion right in respect of all or part of its Series AM Preferred Shares, the
\nregistered holder must provide a written notice thereof, accompanied by its Series AM Preferred Share
\ncertificates with the transfer form on the back thereof or other appropriate stock transfer power of attorney
\nduly endorsed, and deliver them, at the latest by 5:00 p.m. (Montr\u00e9al\/Toronto time) on March 16, 2021, to one
\nof the following addresses of AST Trust Company (Canada):<\/p>\n

By Mail:
\nP.O. Box 1036
\nAdelaide Street Postal Station
\nToronto, (Ontario) M5C 2K4
\nCANADA<\/p>\n

By Personal Delivery, Courier or Registered Mail:
\nAttention: Corporate Actions
\n1 Toronto Street, Suite 1200
\nToronto (Ontario) M5C 2V6
\nCANADA
\nAttention: Corporate Actions<\/p>\n

Delivery may be done in person, by courier, by registered mail or by mail. However, if share certificates are
\ndelivered by courier, by registered mail or by mail, the registered shareholder must ensure that they are
\nsent sufficiently in advance so that they are received by AST Trust Company (Canada) by the abovementioned deadline.<\/p>\n

Beneficial holders who wish to exercise their conversion right should communicate with their broker or other
\nnominee to obtain instructions for exercising such right during the conversion period.<\/p>\n

4. As of March 31, 2021, the Series AM Preferred Shares will, should they remain outstanding, pay, on a quarterly
\nbasis, as and when declared by the Board of Directors of BCE Inc., a fixed cash dividend for the following five
\nyears that will be based on a fixed rate equal to the sum of: (a) the yield to maturity compounded semiannually (the \u201cGovernment of Canada Yield\u201d), computed on March 1, 2021 in accordance with the articles of
\nBCE Inc., of a Canadian dollar denominated non-callable Government of Canada bond with a term to
\nmaturity of five years, and (b) 2.09%. The \u201cGovernment of Canada Yield\u201d computed on March 1, 2021 is
\n0.849%. Accordingly, the annual fixed dividend rate applicable to the Series AM Preferred Shares for the
\nperiod of five years beginning on March 31, 2021 will be 2.939%.<\/p>\n

5. As of March 31, 2021, the Series AN Preferred Shares will, should they remain outstanding, continue to pay, for
\neach quarterly period, as and when declared by the Board of Directors of BCE Inc., a quarterly floating
\ndividend rate equal to the \u201cFloating Quarterly Dividend Rate\u201d for such quarterly period. The \u201cFloating
\nQuarterly Dividend Rate\u201d for any such quarterly period shall be equal to the rate, expressed as a percentage,
\nequal to the sum of: (a) the \u201cT-Bill Rate\u201d, calculated in accordance with the articles of BCE Inc. on the 30th day
\nprior to the first day of the new quarterly period, and (b) 2.09%, calculated on the basis of the actual number
\nof days in such quarterly period divided by 365. The \u201cT-Bill Rate\u201d means, for any quarterly period, the
\naverage yield expressed as a percentage per annum on three-month Government of Canada Treasury Bills,
\nas reported by the Bank of Canada, for the most recent treasury bills auction preceding the applicable
\ncalculation date. The \u201cFloating Quarterly Dividend Rate\u201d computed on March 1, 2021 and applicable to the
\nSeries AN Preferred Shares for the quarterly period from and including March 31, 2021 to but excluding June
\n30, 2021 will be 0.53927% (annual rate of 2.163%, based on a T-Bill Rate of 0.073%).<\/p>\n

6. After the end of the conversion period on March 16, 2021, if BCE Inc. determines that there would be less than
\n1,000,000 Series AM Preferred Shares outstanding after the conversion date (March 31, 2021), BCE Inc. will
\nautomatically convert all remaining Series AM Preferred Shares into Series AN Preferred Shares. However, if
\nBCE Inc. determines that there would be less than 1,000,000 Series AN Preferred Shares outstanding after
\nthe conversion date, then no Series AM Preferred Shares will be converted into Series AN Preferred Shares.
\n7. For any questions about the steps to be followed, please contact AST Trust Company (Canada) at 1-800-561-
\n0934, the transfer agent and registrar for BCE Inc.\u2019s preferred shares.<\/p>\n

DATED in Montr\u00e9al, this 1st day of March, 2021.
\nGlen LeBlanc
\nExecutive Vice-President and Chief Financial Officer
\nBCE Inc.<\/p><\/blockquote>\n

BCE.PR.M was issued as BAF.PR.A, a FixedReset 4.85%+209, issued 2011-3-15<\/a> after being announced 2011-2-22<\/a>. After an exchange offer for the BAF preferreds<\/a>, there was a partial conversion<\/a> to BCE preferreds, followed by a forced conversion<\/a> in 2014. The ticker changed to BCE.PR.M<\/a> in September, 2014<\/a>. BCE.PR.M reset to 2.764%<\/a> in 2016. I recommended against conversion<\/a> but there was a 17% conversion to the FloatingReset<\/a>, BCE.PR.N, anyway.<\/p>\n

BCE.PR.N is a FloatingReset, Bills+209, that arose through partial conversion from the FixedReset<\/a>, BCE.PR.M, in 2016. <\/p>\n","protected":false},"excerpt":{"rendered":"

BCE Inc. has announced: NOTICE IS HEREBY GIVEN THAT: 1. Holders of fixed-rate BCE Inc. Series AM Preferred Shares have the right to convert all or part of their shares, effective on March 31, 2021, …<\/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-42032","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42032","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=42032"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42032\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}