By Cristal Cody
Tupelo, Miss., Sept. 26 – Bell Canada priced C$1.5 billion of medium-term debentures (Baa1/BBB+//DBRS: BBB) in two parts on Tuesday, according to a market source.
The company sold C$800 million of new 3.6% debentures due March 29, 2027 at 99.709 to yield 3.635%. The bonds priced with a spread of 150 basis points over the interpolated Government of Canada bond curve.
Bell Canada priced a C$700 million reopening of its 3% debentures due Oct. 3, 2022 at 100.934 to yield 2.796%, or 100 bps over the Government of Canada benchmark bond.
The company originally sold C$1 billion of the debentures on Sept. 28, 2015 at 99.599 to yield 3.064%. The total outstanding now is C$2 billion.
The debentures are fully and unconditionally guaranteed by BCE Inc.
The telecommunications company is based in Montreal.
| Issuer: | Bell Canada
|
| Guarantor: | BCE Inc.
|
| Amount: | C$1.5 billion
|
| Securities: | Medium-term debentures
|
| Pricing date: | Sept. 26
|
| Settlement date: | Sept. 29
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| DBRS: BBB
|
| Distribution: | Canada
|
|
|
| 10-year bonds
|
| Amount: | C$800 million
|
| Maturity: | March 29, 2027
|
| Coupon: | 3.6%
|
| Price: | 99.709
|
| Yield: | 3.635%
|
| Spread: | 150 bps over interpolated Government of Canada bond curve
|
|
|
| Five-year bonds
|
| Amount: | C$700 million reopening
|
| Maturity: | Oct. 3, 2022
|
| Coupon: | 3%
|
| Price: | 100.934
|
| Yield: | 2.796%
|
| Spread: | 100 bps over Government of Canada benchmark
|
| Total outstanding: | C$2 billion, including C$1 billion of bonds priced on Sept. 28, 2015 at 99.599 to yield 3.064%
|
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