BCE announces conversion results of series AG, series AH preferreds

By Marisa Wong

Los Angeles, April 22 – BCE Inc. (Bell Canada) announced that 105,430 of its 4,984,851 fixed-rate cumulative redeemable first preferred shares, series AG, have been tendered for conversion on May 1.

The series AG preferreds will be converted on a one-for-one basis into floating-rate cumulative redeemable first preferred shares, series AH, according to a news release.

In addition, 4,100,109 of BCE’s 9,012,249 series AH preferred shares have been tendered for conversion on May 1 on a one-for-one basis into series AG preferreds.

As a result, on May 1 BCE will have 8,979,530 series AG preferreds and 5,017,570 series AH preferreds issued and outstanding.

The series AG and series AH preferreds will continue to be listed on the Toronto Stock Exchange under the symbols “BCEPrG” and “BCEPrH,” respectively.

The series AG preferreds will pay on a quarterly basis for the five-year period beginning on May 1 a fixed cash dividend based on an annual fixed dividend rate of 3.37%.

The series AH preferreds will continue to pay a monthly floating adjustable cash dividend for the five-year period beginning on May 1. The floating rate will be based on the Prime rate and a fixed spread.

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