Regional operator Bell Aliant announced on 15 March that it had closed the sale of 10 million preferred shares priced at C$25, raising C$250m.
These 10 million cumulative five-year rate reset series A preferred shares were issued on a bought deal basis…
Regional operator Bell Aliant announced on 15 March that it had closed the sale of 10 million preferred shares priced at C$25, raising C$250m.
These 10 million cumulative five-year rate reset series A preferred shares were issued on a bought deal basis to the syndicate of underwriters headed by BMO Capital Markets and Scotia Capital.
The underwriters also exercised their right to an overallotment option to buy a further 1.5m shares, bringing the total gross proceeds of the offering to C$287.5m.
Bell Aliant said that the C$200m of the proceeds would go towards its pension scheme and for general corporate purposes including repaying debt and financing FTTH.
Bell Aliant is the result of the combination of Bell Canada’s regional wireline business in Ontario and Quebec, Bell’s majority interest in Bell Nordiq, the Aliant wireline business and its ICT company, xwave.
