On March 20, 2025, Bell Canada announced the issuance of $1.25 billion in 5.625% Fixed-to-Fixed Rate Junior Subordinated Notes, Series C, due 2055. The offering is expected to close on or about March 27, 2025. The notes will bear interest from the closing date to March 27, 2030, at a rate of 5.625% per annum. After the First Reset Date, interest will reset every five years at the Five-Year Government of Canada Yield plus a spread of 2.950%, with a minimum interest rate of 5.625%. The net proceeds of approximately $1.24 billion, after deducting agents’ fees and expenses, will be used to repay senior indebtedness and for general corporate purposes.

The notes are unconditionally guaranteed by BCE Inc. on a junior subordinated basis. The offering is being led by a syndicate of agents, including BMO Nesbitt Burns Inc., Merrill Lynch Canada Inc., Scotia Capital Inc., TD Securities Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., Barclays Capital Canada Inc., Citigroup Global Markets Canada Inc., Mizuho Securities Canada Inc., SMBC Nikko Securities Canada Ltd., Wells Fargo Securities Canada Ltd., and Casgrain & Company Limited.

Stikeman Elliott LLP is acting as legal counsel to Bell Canada, while McCarthy Tétrault LLP represents the agents