BCE announces conversion results of series AI, series AJ preferreds

Chicago, July 23 – BCE Inc. (Bell Canada) announced that 12,985 of its 5,949,884 fixed-rate cumulative redeemable first preferred shares, series AI, have been tendered for conversion on Aug. 1.

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

In addition, 3,598,141 of BCE’s 8,050,116 series AJ preferred shares have been tendered for conversion on Aug. 1 on a one-for-one basis into series AI preferreds.

As a result, on Aug. 1 BCE will have 9,535,040 series AI preferreds and 4,464,960 series AJ preferreds issued and outstanding.

The series AI and series AJ preferreds will continue to be listed on the Toronto Stock Exchange under the symbols “BCEPrI” and “BCEPrJ,” respectively.

The series AI preferreds will pay on a quarterly basis for the five-year period beginning on Aug. 1 a fixed cash dividend based on an annual fixed dividend rate of 3.39%.

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

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