By Cristal Cody
Tupelo, Miss., Feb. 24 – Bell Canada priced C$750 million of 3.55% 10-year medium-term debentures at 99.624 on Wednesday, according to a company news release and a market source.
The series M-41 debentures (Baa1/BBB+/DBRS: A) priced with a spread of 242 basis points over the interpolated Government of Canada bond curve.
RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc. and National Bank Financial Inc. were the lead managers.
The bonds are fully and unconditionally guaranteed by parent company BCE Inc.
Bell Canada plans to use the proceeds for general corporate purposes, including the repayment of C$150 million outstanding of series M-38 floating-rate debentures due April 22, 2016 and C$500 million outstanding of 5.41% series M-32 debentures due Sept. 26, 2016.
The telecommunications company is based in Montreal.
| Issuer: | Bell Canada
|
| Guarantor: | BCE Inc.
|
| Amount: | C$750 million
|
| Maturity: | March 2, 2026
|
| Securities: | Medium-term debentures
|
| Bookrunners: | RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc. and National Bank Financial Inc.
|
| Coupon: | 3.55%
|
| Price: | 99.624
|
| Spread: | 242 bps over interpolated Government of Canada bond curve
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 29
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| DBRS: A
|
| Distribution: | Canada
|
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