BCE’s Preferred Share Conversion Announcement
BCE Inc., trading as TSX: BCE and NYSE: BCE, announced on March 16, 2026, that all of its floating-rate Cumulative Redeemable First Preferred Shares, Series AN, will convert on a one-for-one basis into fixed-rate Cumulative Redeemable First Preferred Shares, Series AM, effective March 31, 2026, according to PR Newswire. On March 2, 2026, the company provided notice allowing holders of Series AM Preferred Shares to elect conversion into Series AN shares and vice versa, subject to the shares’ terms and conditions. A total of 2,276 Series AM Preferred Shares out of 8,802,551 were tendered for conversion into Series AN shares, while 348,545 Series AN Preferred Shares out of 948,622 were tendered for conversion into Series AM shares.
Automatic Conversion Provisions
Because the tendered conversions would leave fewer than 1,000,000 Series AN Preferred Shares outstanding, all remaining Series AN Preferred Shares not tendered for conversion will automatically convert into Series AM Preferred Shares on March 31, 2026, as specified in the shares’ terms and conditions. The Series AM Preferred Shares will pay a fixed quarterly cash dividend, as declared by BCE’s Board of Directors, based on an annual rate of 4.837% for the five-year period beginning March 31, 2026. These shares will continue to be listed on the Toronto Stock Exchange under the symbol BCE.PR.M.
About BCE Inc.
BCE is Canada’s largest communications company, based on total revenue and total combined customer connections, according to PR Newswire. The company leads in advanced fibre and wireless networks, enterprise services, and digital media, delivering technology that includes cloud-based and AI-driven solutions. For further information, stakeholders can contact Ellen Murphy for media inquiries or Krishna Somers for investor inquiries.
Implications in Capital Markets Context
As widely known in capital markets, preferred share conversions like those at BCE can affect dividend structures and investor preferences, though specifics here are limited to the announced terms. The Series AM shares’ fixed dividend rate reflects a shift from floating rates, potentially influencing similar instruments in telecommunications, according to PR Newswire.
