Bell Aliant to redeem C$300 million 4.72% notes with note proceeds

By Toni Weeks

San Diego, April 26 - Bell Aliant Inc. said it will redeem C$300 million of its C$405 million of 4.72% medium-term notes due Sept. 26, 2011 with the proceeds from Bell Aliant Regional Communications, LP's recent issuance of C$300 million of medium-term notes, according to a press release.

The notes will be redeemed on May 6 at a redemption price equal to the greater of par and the Canada Yield Price, plus accrued interest up to but excluding the redemption date.

The Canada Yield Price is equal to the price of the notes calculated to provide a yield to maturity equal to the Government of Canada Yield plus 18 basis points on the third business day prior to the redemption date.

Compounded semiannually, the Government of Canada Yield used to calculate the redemption price will be the average of the rates calculated by two registered Canadian investment dealers selected by Bell Aliant.

Any remaining proceeds from the new medium-term notes offering will be used for general corporate purposes.

The Halifax, N.S.-based company is a telephone and internet provider for Canadian provinces.

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