On May 16, 2024, Bell Canada announced the issuance of Medium Term Note (MTN) Debentures under its ongoing medium-term debenture program, unconditionally guaranteed by BCE Inc. The MTN Debentures are unsecured, with maturities exceeding one year, and are offered in various series at par, a discount, or premium based on market conditions. The transaction closed shortly after the announcement date, with proceeds directed towards corporate purposes, including debt repayment, capital expenditures, and potential acquisitions. The total value of the MTN Debentures issuance was not explicitly stated, as it will vary based on market demand and specific terms outlined in the program’s pricing supplements.

The underwriting was managed by a consortium of major dealers: BMO Nesbitt Burns Inc., CIBC World Markets Inc., Citigroup Global Markets Canada Inc., Desjardins Securities Inc., Merrill Lynch Canada Inc., Mizuho Securities Canada Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., SMBC Nikko Securities Canada, Ltd., TD Securities Inc., Wells Fargo Securities Canada, Ltd., and Casgrain & Company Limited. Stikeman Elliott LLP acted as legal counsel to Bell Canada, while McCarthy Tétrault LLP represented the underwriters.

The MTN Debentures received ratings of BBB (high) from DBRS, Baa1 from Moody’s, and BBB+ from S&P, making them suitable investments for Canadian-registered plans like RRSPs and TFSAs under Canadian tax law.