Published on 2/8/2022 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Bell Canada sells $750 million 3.65% 30-year notes at 145 bps spread
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Bell Canada priced $750 million of 3.65% 30-year notes on Tuesday at a spread of 145 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+//DBRS: BBB (high)) priced at 99.144 to yield 3.697%.
BofA Securities Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc. were the active bookrunners, and BMO Capital Markets Corp. and National Bank of Canada Financial Inc. were passive bookrunners.
The bonds are fully and unconditionally guaranteed by parent company BCE Inc.
The company will use the proceeds to help redeem its C$1 billion of 3.35% debentures, series M-26, due 2023.
The telecommunications company is based in Montreal.
| Issuer: | Bell Canada
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| Guarantor: | BCE Inc.
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| Amount: | $750 million
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| Issue: | Series US-7 notes
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| Maturity: | Aug. 15, 2052
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| Bookrunners: | BofA Securities, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. (active) and BMO Capital Markets Corp. and National Bank of Canada Financial Inc. (passive)
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| Co-managers: | CIBC World Markets Corp., Citigroup Global Markets Inc., Desjardins Securities Inc., Mizuho Securities USA LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC and Casgrain & Co. Ltd.
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| Coupon: | 3.65%
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| Price: | 99.144
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| Yield: | 3.697%
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| Spread: | Treasuries plus 145 bps
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| Call features: | Make-whole call before Feb. 15, 2052 at greater of par and Treasuries plus 25 bps; thereafter at par
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| Pricing date: | Feb. 8
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| Settlement date: | Feb. 11
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| DBRS: BBB (high)
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| Distribution: | SEC registered
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| Cusip: | 0778FPAJ8
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