BCE reports results of Series AI and AJ Preferred Share conversions
MONTRÉAL, July 22, 2016 /CNW Telbec/ - BCE Inc. (TSX: BCE) (NYSE: BCE) today announced that 5,081,951 of its 10,754,990 fixed-rate Cumulative Redeemable First Preferred Shares, Series AI ("Series AI Preferred Shares") have been tendered for conversion on August 1, 2016, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AJ ("Series AJ Preferred Shares"). In addition, 276,845 of its 3,245,010 Series AJ Preferred Shares have been tendered for conversion on August 1, 2016, on a one-for-one basis, into Series AI Preferred Shares. Consequently, on August 1, 2016, BCE will have 5,949,884 Series AI Preferred Shares and 8,050,116 Series AJ Preferred Shares issued and outstanding. The Series AI Preferred Shares and the Series AJ Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbols BCE.PR.I and BCE.PR.J, respectively.
The Series AI Preferred Shares will pay on a quarterly basis, for the five-year period beginning on August 1, 2016, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual fixed dividend rate of 2.75%.
The Series AJ Preferred Shares will continue to pay a monthly floating adjustable cash dividend for the five-year period beginning on August 1, 2016, as and when declared by the Board of Directors of BCE. The monthly floating adjustable dividend for any particular month will continue to be calculated based on the prime rate for such month and using the Designated Percentage for such month representing the sum of an adjustment factor (based on the market price of the Series AJ Preferred Shares in the preceding month) and the Designated Percentage for the preceding month.
Canada's largest communications company, BCE provides broadband wireless, TV, Internet and business communication services from Bell Canada and Bell Aliant. Bell Media is Canada's premier multimedia company with leading assets in television, radio, out of home and digital media. To learn more, please visit BCE.ca.
The Bell Let's Talk initiative promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of community care and access, research, and workplace initiatives. To learn more, please visit Bell.ca/LetsTalk.
Jean Charles Robillard
SOURCE Bell Canada