Incumbent operator Bell Canada is tapping its medium-term note programme to the tune of C$500m (US$402m) to repay outstanding commercial paper and fund capital expenditure.
Bell is in the process of building out its 700 MHz spectrum to provide 4G LTE…
Incumbent operator Bell Canada is tapping its medium-term note programme to the tune of C$500m (US$402m) to repay outstanding commercial paper and fund capital expenditure.
Bell is in the process of building out its 700 MHz spectrum to provide 4G LTE services to some of Canada’s more rural areas.
It has priced the 30-year 4.35% MTN debentures at 99.519 and expects to close the public placement on 30 March.
The debt will be fully and unconditionally guaranteed by Bell and is being offered under the MTN programme published in February which sets out terms for Bell to offer C$4bn debentures through to mid-December 2016. The company said the programme would give it financial flexibility and efficient access to the Canadian and US capital markets.
In that document, Bell said the securities would be offered by one or more of Barclays, BMO Nesbitt Burns, Casgrain, CIBC World Markets,Citigroup, Desjardins Securities, BofA Merrill Lynch, National Bank Financial, RBC Dominion Securities, Scotia Capital and TD Securities. It did not specify which banks were working on this particular issuance.
Bell is Canada’s largest communications company and one of its big three mobile operators. It also provides fixed-line telephony, broadband, digital and satellite television, and owns a large number of media assets.
