BCE will convert no series AQ preferreds into series AR preferreds

By Marisa Wong

Los Angeles, Sept. 19 – BCE Inc. announced the results of its opportunity for conversion of its series AQ fixed-rate cumulative redeemable first preferred shares into series AR floating-rate cumulative redeemable preferred shares, according to a press release.

BCE said that none of its series AQ preferreds will be converted into series AR preferreds on Oct. 3.

On Aug. 31, notice was given that holders of series AQ preferreds could elect to convert their shares into series AR preferreds on Oct. 3.

Only 44,620 of BCE’s 8,561,800 series AQ preferreds were tendered for conversion into series AR preferreds. Because this would result in there being less than one million series AR preferreds outstanding, no series AQ preferreds will be converted.

The series AQ preferreds will continue to be listed on the Toronto Stock Exchange under the symbol “BCEPrQ.” The series AQ preferreds will pay on a quarterly basis, for the five-year period beginning on Sept. 30, a fixed quarterly cash dividend based on an annual dividend rate of 6.538%.

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