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BCE announces conversion results of series AK, series AL preferreds
Chicago, Dec. 17 – BCE Inc. (Bell Canada) announced that 501,717 of its 22,735,621 fixed-rate cumulative redeemable first preferred shares, series AK, have been tendered for conversion on Dec. 31.
The series AK preferreds will be converted on a one-for-one basis into floating-rate cumulative redeemable first preferred shares, series AL, according to a news release.
In addition, 956,408 of BCE’s 2,254,079 series AL preferred shares have been tendered for conversion on Aug. 1 on a one-for-one basis into series AK preferreds.
As a result, on Dec. 31 BCE will have 23,190,312 series AK preferreds and 1,799,388 series AL preferreds issued and outstanding.
The series AK and series AL preferreds will continue to be listed on the Toronto Stock Exchange under the symbols “BCEPrAK” and “BCEPrAL,” respectively.
The series AK preferreds will pay on a quarterly basis for the five-year period beginning on Dec. 31 a fixed cash dividend based on an annual fixed dividend rate of 3.306%.
The series AL preferreds will continue to pay a quarterly floating adjustable cash dividend for the five-year period beginning on Dec. 31. The floating rate will be based on the T-Bill rate and a fixed spread of 188 basis points. For the quarterly period starting Dec. 31, the floating-rate dividend is 0.49537% based on an annual rate of 2.009%.
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