BCE reports results of series AM and series AN preferred share conversions

Executive Summary

• BCE Inc. announced the conversion of all floating‑rate Series AN preferred shares into fixed‑rate Series AM preferred shares on a one‑for‑one basis effective March 31, 2026.
• The conversion will result in fewer than 1 million Series AN shares outstanding; any remaining AN shares will be automatically converted to AM shares.
• Series AM preferred shares will carry an annual dividend rate of 4.837%, payable quarterly for the next five years, subject to board declaration.

Key Details

• Conversion Mechanics:
• All floating‑rate Cumulative Redeemable First Preferred Shares, Series AN, convert to fixed‑rate Series AM on March 31, 2026 (1:1).
• Previously, holders could elect opposite conversions; 2,276 of 8,802,551 Series AM shares were tendered for conversion to AN, and 348,545 of 948,622 Series AN shares were tendered for conversion to AM.
• Resulting Share Count:
• Post‑conversion, total outstanding Series AN shares will fall below the 1,000,000 threshold, triggering automatic conversion of all remaining AN shares to Series AM.
• Dividend Terms for Series AM:
• Fixed quarterly cash dividend based on an annual rate of 4.837%.
• Dividend payable quarterly for a five‑year period beginning March 31, 2026, as declared by the Board of Directors.
• Listing Information:
• Series AM preferred shares will continue to trade on the Toronto Stock Exchange under ticker BCE.PR.M.

Notable Quotes

(No direct quotes were provided in the release.)