MONTREAL – Bell Canada today announced that a portion of its series 17 preferred shares will be converted. Of its 14 million cumulative redeemable Class A series 17 preferred shares, more than 3.9 million have been tendered for conversion on a one-to-one basis into series 18 preferred shares.
On May 1, Bell will issue 3.9 million new series 18 preferred shares. Holders of series 17 preferred shares will be entitled to receive quarterly fixed dividends of 4.35% annually as and when declared by Bell’s board of directors.
The balance of series 17 shares that have not been converted will remain outstanding and will continue to be listed on the Toronto Stock Exchange under the symbol BC.PR.B. The series 18 preferred shares will be listed under BC.PR.E. and should start trading on a “when issued” basis on Apr. 26. When declared by the board, the series 18 preferred shares will pay monthly floating adjustable cash dividends for five years starting May 1.
