Bell announces offering of MTN Debentures

Rhea-AI Summary

Bell Canada announced a public offering in Canada for Cdn $1.5 billion in MTN Debentures under its medium-term notes program. This includes Cdn $1.05 billion in Series M-58, maturing in 2030, at a yield of 4.586%, and Cdn $450 million in Series M-59, maturing in 2053, at a yield of 5.183%. The proceeds will be used for short-term debt repayment and general corporate purposes. The debentures are set to close on February 9, 2023, and are fully guaranteed by BCE. They will not be registered in the U.S.

Positive

• Cdn $1.5 billion MTN Debentures offering enhances liquidity.
• Proceeds allocated for short-term debt repayment improves financial stability.

Negative

• None.

MONTRÉAL, Feb. 6, 2023 /PRNewswire/ - Bell Canada (Bell) today announced the public offering in Canada of Cdn $1.5 billion aggregate principal amount of MTN Debentures in two series pursuant to its medium term notes (MTN) program.

The Cdn $1.05 billion 4.55% MTN Debentures, Series M-58, will be dated February 9, 2023, will mature on February 9, 2030 and will be issued at a price of Cdn $99.787 per $100 principal amount for a yield to maturity of 4.586%. The Cdn $450 million 5.15% MTN Debentures, Series M-59, will be dated February 9, 2023, will mature on February 9, 2053 and will be issued at a price of Cdn $99.500 per $100 principal amount for a yield to maturity of 5.183%. The MTN Debentures will be fully and unconditionally guaranteed by BCE Inc. Bell Canada intends to use the net proceeds of this offering for the repayment of short-term debt and for general corporate purposes.

The MTN Debentures are being publicly offered in all provinces of Canada through a syndicate of agents. Closing of the offering of these MTN Debentures is expected to occur on February 9, 2023, subject to customary closing conditions.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful. The MTN Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act), or any U.S. state securities laws and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S under the U.S. Securities Act).

The MTN Debentures are being issued pursuant to a short form base shelf prospectus dated March 7, 2022 and a prospectus supplement dated May 19, 2022. Bell Canada will file a pricing supplement relating to this issue with the securities regulatory authorities in all provinces of Canada.

About Bell

Bell is Canada's largest communications company, providing advanced broadband wireless, TV, Internet, media and business communication services throughout the country. Founded in Montréal in 1880, Bell is wholly owned by BCE Inc. To learn more, please visit Bell.ca or BCE.ca.

Through Bell for Better, we are investing to create a better today and a better tomorrow by supporting the social and economic prosperity of our communities with a commitment to the highest environmental, social and governance (ESG) standards. This includes the Bell Let's Talk initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of community care and access, research and workplace leadership initiatives throughout the country. To learn more, please visit Bell.ca/LetsTalk.

Media inquiries:
Ellen Murphy
ellen.murphy@bell.ca

Investor inquiries:
Richard Bengian
richard.bengian@bell.ca

Caution Concerning Forward-Looking Statements

Certain statements made in this news release constitute forward-looking statements, including, but not limited to, statements relating to the expected timing and completion of the proposed sale of MTN Debentures, the intended use of the net proceeds of such sale and other statements that are not historical facts. All such forward-looking statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities laws and of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. These statements are not guarantees of future performance or events and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward–looking statements contained in this news release, whether as a result of new information, future events or otherwise. Forward-looking statements are provided herein for the purpose of giving information about the proposed offering referred to above. Readers are cautioned that such information may not be appropriate for other purposes. The timing and completion of the abovementioned proposed sale of the MTN Debentures is subject to customary closing terms and other risks and uncertainties. Accordingly, there can be no assurance that the proposed sale of the MTN Debentures will occur, or that it will occur at the expected time indicated in this news release.

View original content:https://www.prnewswire.com/news-releases/bell-announces-offering-of-mtn-debentures-301740010.html

SOURCE Bell Canada

FAQ

What is the total amount of MTN Debentures offered by BCE?

BCE announced a total offering of Cdn $1.5 billion MTN Debentures.

What are the yields for the MTN Debentures Series M-58 and M-59?

The yield for Series M-58 is 4.586%, while Series M-59 has a yield of 5.183%.

When is the closing date for BCE's MTN Debentures offering?

The closing date for the MTN Debentures offering is expected to be February 9, 2023.

How is BCE planning to use the proceeds from the MTN Debentures?

The proceeds will be used for repayment of short-term debt and for general corporate purposes.

Are the MTN Debentures registered in the U.S.?

No, the MTN Debentures have not been registered under the U.S. Securities Act and may not be offered in the U.S.