Canadian incumbent Bell has priced C$1bn (US$975m) in 10-year 3.35% debentures at 99.831.
Issued under its medium term note plan, the company said they would yield 3.37% per annum.
The joint bookrunners and co-leads for the offering are BofA Merrill…
Canadian incumbent Bell has priced C$1bn (US$975m) in 10-year 3.35% debentures at 99.831.
Issued under its medium term note plan, the company said they would yield 3.37% per annum.
The joint bookrunners and co-leads for the offering are BofA Merrill Lynch, TD Securities and BMO Nesbitt Burns.
Bell will use the proceeds to repay outstanding commercial paper and to fund part of its acquisition of French-language broadcaster Astral Media. That deal was blocked by the Canadian Radio-television and Telecommunications Commission (CRTC) last autumn, but Bell recently submitted further remedies in a new attempt to try to get the deal through.
Earlier this month the re-filed transaction was cleared by Canada’s Competition Bureau while Bell is awaiting an answer from the CRTC.
The new issue will be guaranteed by BCE Inc and the offering is expected to close on 22 March. The debentures will rank pari passu alongside Bell’s other unsecured and unsubordinated indebtedness.
Bell is the largest ISP in Canada, the second largest wireless service provider and the third largest television distributor. Last year Bell generated C$19.9bn (US$19.4bn) revenues, EBITDA of C$7.9bn (US$7.7bn) and reported net debt of C$17.6bn (US$17.2bn).
