BCE reports results of Series AC and AD preferred share conversions
BCE Inc. (TSX: BCE) announced the conversion results of its preferred shares effective March 1, 2023. A total of 3,635,351 of its Series AC Preferred Shares will convert to Series AD Preferred Shares, while 351,634 Series AD shares will revert back to Series AC. Post-conversion, BCE will have 6,716,274 Series AC and 13,148,226 Series AD shares outstanding. The Series AC shares will pay a fixed cash dividend of 5.08% quarterly, while Series AD shares will maintain a floating dividend linked to the prime rate. Both share classes will remain listed on the Toronto Stock Exchange.
- 3,635,351 shares converted to Series AD, ensuring liquidity for investors.
- Fixed annual dividend of 5.08% for Series AC Preferred Shares provides income stability.
- Series AD Preferred Shares maintain a floating dividend, allowing for potential upside.
- Both share classes continue to be listed on the Toronto Stock Exchange.
- None.
MONTRÉAL, Feb. 21, 2023 /PRNewswire/ - BCE Inc. (TSX: BCE) (NYSE: BCE) today announced that 3,635,351 of its 9,999,991 fixed-rate Cumulative Redeemable First Preferred Shares, Series AC ("Series AC Preferred Shares") have been tendered for conversion on March 1, 2023, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AD ("Series AD Preferred Shares"). In addition, 351,634 of its 9,864,509 Series AD Preferred Shares have been tendered for conversion on March 1, 2023, on a one-for-one basis, into Series AC Preferred Shares. Consequently, on March 1, 2023, BCE will have 6,716,274 Series AC Preferred Shares and 13,148,226 Series AD Preferred Shares issued and outstanding. The Series AC Preferred Shares and the Series AD Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbols BCE.PR.C and BCE.PR.D, respectively.
The Series AC Preferred Shares will pay on a quarterly basis, for the five-year period beginning on March 1, 2023, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual fixed dividend rate of
The Series AD Preferred Shares will continue to pay a monthly floating adjustable cash dividend for the five-year period beginning on March 1, 2023, 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 AD Preferred Shares in the preceding month) and the Designated Percentage for the preceding month.
BCE is Canada's largest communications company, providing advanced Bell broadband wireless, Internet, TV, media and business communications services. To learn more, please visit Bell.ca or BCE.ca.
Through Bell for Better, we are investing to create a better today and a better tomorrow by supporting the social and economic prosperity of our communities. This includes the Bell Let's Talk initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of community care and access, research and workplace initiatives throughout the country. To learn more, please visit Bell.ca/LetsTalk.
Media inquiries:
Caroline Audet
caroline.audet@bell.ca
Investor inquiries:
Richard Bengian
richard.bengian@bell.ca
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SOURCE BCE Inc.
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