BCE releases results of series AF and AE preferred share conversions

By Sarah Lizee

Olympia, Wash., Jan. 21 – BCE Inc. announced that 506,975 of its 6,707,867 series AF fixed-rate cumulative redeemable first preferred shares have been tendered for conversion on Feb. 1 on a one-for-one basis into series AE floating-rate cumulative redeemable first preferred shares.

Additionally, the company said 3,283,795 of its 9,292,133 series AE preferred shares have been tendered for conversion on the same date for a like amount of series AF preferred shares.

Following the conversions, the company will have 9,484,687 series AF preferred shares and 6,515,313 series AE preferred shares outstanding.

The series AF preferred shares will pay on a quarterly basis for a five-year period, as and when declared by the board of directors, a fixed cash dividend based on an annual dividend rate of 3.865%.

For the same period, the series AE preferred share will pay a monthly floating adjustable cash dividend, when declared by the board.

Montreal-based BCE is Canada's largest communications company.

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