BCE Inc. will list up to 9.2 million cumulative redeemable first preferred shares, Series AQ, on the Toronto Stock Exchange at the open on Thursday, Sept. 25, 2014, according to the TSX. The exchange reports BCE will issue one Series AQ share in exchange for one Series E preferred share of Bell Aliant Preferred Equity Inc. The Series AQ shares will have the same financial terms as those attached to the Series E shares of Bell Aliant.
During the initial fixed-rate period, which ends on Sept. 30, 2018, the company plans to pay quarterly cash dividends of 26.5625 cents per share on the Series AQ shares, as and when declared by the board, on the last day of March, June, September and December in each year.
The Series AQ shares are not redeemable by the company before Sept. 30, 2018. On Sept. 30, 2018, and on Sept. 30 every five years thereafter, the company can redeem any or all of the Series AQ shares for $25 plus all declared and unpaid dividends.
On Sept. 30, 2018, and on Sept. 30 every five years thereafter, holders of the Series AQ shares will have the right to convert any or all of their shares into cumulative redeemable first preferred shares, Series AR, on a one-for-one basis.
The TSX reports the Series AQ preferred shares will trade under the symbol BCE.PR.Q and Cusip No. 05534B 59 6.
© 2024 Canjex Publishing Ltd. All rights reserved.