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Published on 2/24/2016 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.

New Issue: Bell Canada prices C$750 million 3.55% 10-year debentures with 242 bps spread

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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