{"id":51773,"date":"2026-04-09T20:20:24","date_gmt":"2026-04-10T00:20:24","guid":{"rendered":"https:\/\/prefblog.com\/?p=51773"},"modified":"2026-04-09T20:20:24","modified_gmt":"2026-04-10T00:20:24","slug":"bce-pr-g-to-reset-to-5-30","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51773","title":{"rendered":"BCE.PR.G To Reset To 5.30%"},"content":{"rendered":"

BCE Inc. has announced<\/a> (although not yet on their website):<\/p>\n

BCE Inc. will, on May 1, 2026, continue to have Cumulative Redeemable First Preferred Shares, Series AG (“Series AG Preferred Shares”) outstanding if, following the end of the conversion period on April 21, 2026, BCE Inc. determines that at least 2,000,000 Series AG Preferred Shares would remain outstanding. In such a case, as of May 1, 2026, the Series AG 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 an annual fixed dividend rate equal to 5.30%.<\/p><\/blockquote>\n

Finding this notice took some doing! I don’t see anything on the BCE website, or on the Globe & Mail, but eventually found the Montreal Gazette notice. I couldn’t help but laugh at the addendum on the page:<\/p>\n

Posted Online 17 hours ago Viewed 2 times<\/p><\/blockquote>\n

… so I’m half the readership for this notice!<\/p>\n

BCE.PR.G reset to 3.37%<\/a> in 2021. Notice of extension<\/a> was provided in March, 2026.<\/p>\n

BCE.PR.H is a “RatchetRate” preferred, paying a varying percentage of prime depending upon the trading price<\/a>:<\/p>\n

As of May 1, 2026, the Series AH Preferred Shares, should they remain outstanding, will continue to pay a monthly floating dividend based on a dividend rate that will fluctuate over time between 50% and 100% of the Prime rate (\u201cPrime\u201d) for each month computed in accordance with the articles of BCE Inc. Accordingly, from May 1, 2026, the holders of Series AH Preferred Shares will continue to be entitled to receive floating adjustable cash dividends, as and when declared by the Board of Directors of BCE Inc., to be paid on the twelfth day of the subsequent month. The dividend rate will be adjusted upwards or downwards on a monthly basis by an Adjustment Factor (as described below) whenever the Calculated Trading Price, being the market price of the Series AH Preferred Shares computed in accordance with the articles of BCE Inc., is $24.875 or less or $25.125 or more, respectively. The Adjustment Factor for a month will be based on the Calculated Trading Price of the Series AH Preferred Shares for the preceding month determined in accordance with the following table:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
If the Calculated Trading Price for the preceding month is:<\/td>\nThe Adjustment Factor as a percentage of Prime shall be:<\/td>\n<\/tr>\n
$25.50 or more<\/td>\n– 4.00%<\/td>\n<\/tr>\n
$25.375 and less than $25.50<\/td>\n– 3.00%<\/td>\n<\/tr>\n
$25.25 and less than $25.375<\/td>\n– 2.00%<\/td>\n<\/tr>\n
$25.125 and less than $25.25<\/td>\n– 1.00%<\/td>\n<\/tr>\n
Greater than $24.875 and less than $25.125<\/td>\nnil<\/td>\n<\/tr>\n
Greater than $24.75 to $24.875<\/td>\n+ 1.00%<\/td>\n<\/tr>\n
Greater than $24.625 to $24.75<\/td>\n+ 2.00%<\/td>\n<\/tr>\n
Greater than $24.50 to $24.625<\/td>\n+ 3.00%<\/td>\n<\/tr>\n
$24.50 or less<\/td>\n+ 4.00%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The maximum Adjustment Factor for any month will be \u00b14.00% of the average Prime rate for the month.<\/p>\n

Based on the foregoing, the annual floating dividend rate for any month shall be the rate of interest expressed as a percentage per annum equal to: (a) Prime for such month, multiplied by (b) the Designated Percentage for such month, with the Designated Percentage being the Adjustment Factor for such month plus the Designated Percentage for the preceding month. The annual floating dividend rate applicable for a month will in no event be less than 50% of Prime nor will it be greater than Prime.<\/p>\n

The following formula illustrates the manner of computing the annual floating dividend rate applicable to the month of May 2026:<\/p>\n

\n\n\n\n\n
Annual floating dividend<\/td>\n <\/td>\nPrime for<\/td>\n <\/td>\nDesignated Percentage<\/td>\n<\/tr>\n
rate for May 2026<\/td>\n=<\/td>\nMay 2026<\/td>\nX<\/td>\nfor May 2026*<\/td>\n<\/tr>\n
* The Designated Percentage for the month of May 2026 is the sum of:
(a) the Adjustment Factor for the month of May 2026 based on the Calculated Trading Price for the month of April 2026; and
(b) the Designated Percentage for the month of April 2026<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<\/blockquote>\n

The “Designated Percentage” has been 100% (the maximum) for a long, long time..<\/p>\n","protected":false},"excerpt":{"rendered":"

BCE Inc. has announced (although not yet on their website): BCE Inc. will, on May 1, 2026, continue to have Cumulative Redeemable First Preferred Shares, Series AG (“Series AG Preferred Shares”) outstanding if, following the …<\/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-51773","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51773","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=51773"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51773\/revisions"}],"predecessor-version":[{"id":51774,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51773\/revisions\/51774"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}