MONTREAL – Bell Canada announced yesterday a new public offering of $1 billion of medium term debentures that it says will be used to fund some of the cost of its parent company’s pending acquisition of Astral Media.
The 3.35% debentures, Series M-26, will be dated March 22, 2013 and will mature on March 22, 2023. At an issue price of $99.831 per $100 principal amount for a yield to the investor of 3.370% per annum compounded semi-annually, they will be fully and unconditionally guaranteed by BCE Inc., Bell Canada’s parent.
The company says the net proceeds of this offering are intended to be used for general corporate purposes, including the repayment of outstanding commercial paper and funding a portion of the cost of BCE Inc.'s pending acquisition of Astral Media Inc., which remains subject to approval by the CRTC.
