Canadian fixed-line and cable operator Bell Aliant has closed the sale of 8 million preferred shares at C$25 each, raising C$200m (US$199.7m).
The 4.25% cumulative 5-year rate reset series E preferred shares were sold on a bought-deal basis to a…
Canadian fixed-line and cable operator Bell Aliant has closed the sale of 8 million preferred shares at C$25 each, raising C$200m (US$199.7m).
The 4.25% cumulative 5-year rate reset series E preferred shares were sold on a bought-deal basis to a syndicate of underwriters led by Scotiabank, TD Securities, and CIBC.
The underwriters have an over-allotment option to purchase an additional 1.2 million shares at the same price, but this has yet to be exercised. A decision by the underwriters to do so would take the gross proceeds to C$230m (US$229.7m).
The net proceeds from the offering will be used for repayment of short-term debt and general corporate purposes.
The series E preferred shares have begun trading on the Toronto Stock Exchange under the symbol “BAF.PR.E”.
Bell Aliant offers broadband, fixed-line telephony and cable television in eastern Canada. Its managing shareholder is Bell Canada, which has a 44% stake in the company.
