On February 12, 2025, Bell Canada announced a US$2.25 billion (C$3.22 billion) offering of Fixed-to-Fixed Rate Junior Subordinated Notes, which closed on February 18, 2025. The issuance comprised US$1.0 billion (C$1.43 billion) of 6.875% Series A Notes and US$1.25 billion (C$1.79 billion) of 7.000% Series B Notes, both maturing in 2055. The notes permit deferred interest payments for up to five years and feature interest rate resets every five years based on the Five-Year U.S. Treasury Rate plus a specified spread. Proceeds are designated for repurchasing, redeeming, or repaying senior debt and general corporate purposes.

The underwriting syndicate was led by BofA Securities, BMO Capital Markets, Citigroup, and RBC Capital Markets, with co-managers including CIBC Capital Markets, Scotiabank, TD Securities, Desjardins Capital Markets, National Bank of Canada Financial Markets, Barclays, Mizuho, SMBC Nikko, Wells Fargo Securities, and Casgrain & Company Limited. Stikeman Elliott LLP advised Bell Canada on Canadian federal and Québec laws, while Sullivan & Cromwell LLP provided counsel on U.S. legal matters. The underwriters were represented by Allen Overy Shearman Sterling US LLP for U.S. law and McCarthy Tétrault LLP for Canadian federal and Québec laws.

Net proceeds amounted to approximately US$2.23 billion (C$3.18 billion) after underwriting discounts. The company does not plan to list the notes on any securities exchange.