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DBRS rates Bell Canada notes A (low)
DBRS said it assigned a rating of A (low) with a stable trend to Bell Canada’s C$1.25 billion medium-term note debentures, which include C$750 million 3.15% series M-30 notes due Sept. 29, 2021 and C$500 million 4.75% series M-31 notes due Sept. 29, 2044.
The debentures, which were issued under Bell Canada’s C$4 billion shelf program, are unsecured and rank pari passu with all other unsecured and unsubordinated indebtedness of Bell Canada, DBRS said.
About C$1 billion of the proceeds are intended to fund the payment of the 25% cash consideration of Bell Canada’s acquisition of the publicly held minority interest in Bell Aliant Inc. pursuant to the company’s Aug. 14 offer to purchase, the agency said.
The balance of the proceeds will be used for general corporate purposes, DBRS said.
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