Bell announces offering of MTN Debentures

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Mar 20, 2020, 19:04 ET

This news release contains forward-looking statements. For a description of the related risk factors and assumptions, please see the section entitled "Caution Concerning Forward-Looking Statements" later in this news release.

MONTRÉAL, March 20, 2020 /PRNewswire/ - Bell Canada (Bell) today announced the public offering in Canada of Cdn $1.0 billion aggregate principal amount of MTN Debentures pursuant to its medium term notes (MTN) program.

The Cdn $1.0 billion 3.35% MTN Debentures, Series M-47, which are being issued pursuant to a re-opening of an existing series of MTN Debentures, will be dated March 25, 2020, will mature on March 12, 2025, and will be issued at a price of Cdn $98.501 per $100 principal amount plus accrued and unpaid interest from and including March 12, 2020 to, but excluding, March 25, 2020 in the amount of $0.119315068 per $100 principal amount to yield 3.683%. The MTN Debentures will be fully and unconditionally guaranteed by BCE Inc. Bell intends to use the net proceeds of this offering to repay short-term debt and for general corporate purposes.

The MTN Debentures are being publicly offered in all provinces of Canada through a syndicate of agents. Closing of the offering of the MTN Debentures is expected to occur on March 25, 2020, subject to customary closing conditions.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Series M-47 MTN Debentures have not been and will not be registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act), or any state securities laws and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S under the U.S. Securities Act).

The MTN Debentures are being issued pursuant to a short form base shelf prospectus dated May 29, 2019 and a prospectus supplement dated June 6, 2019. Bell will file a pricing supplement relating to this issue with the securities regulatory authorities in all provinces of Canada.

Update on COVID-19
As the COVID-19 situation continues to significantly impact the Canadian and global economy, Bell Canada has implemented a response plan to continue providing service and support to Bell customers while safeguarding the health and safety of the public and the Bell team.

Bell Canada is focused on securing its wireless, wireline and media networks as well as the key business operations required to ensure service continuity for customers. Bell Canada has implemented alternative working arrangements for employees and temporarily closed retail locations nationally, with the exception of a limited number of street front stores that remain open to urgent customer support.

As Bell Canada's internal and external response plans evolve, the company remains in close contact with public safety and other government officials at all levels, suppliers and partners, and key business customers providing essential services to Canadians.

Public and private sector policies and initiatives to reduce the transmission of COVID-19, including the imposition of travel restrictions, the promotion of social distancing and the adoption of work-from-home and online education by companies and institutions, are impacting how customers use Bell networks, products and services, as well as the ability of certain suppliers and vendors to provide products and services.

Due to the speed with which the situation is developing and the uncertainty of its magnitude, outcome and duration, we are not able at this time to estimate the impact of the COVID-19 situation on our operations or financial results; however, the impact could be material.

Caution Concerning Forward-Looking Statements
Certain statements made in this news release constitute forward-looking statements, including, but not limited to, statements relating to the expected timing and completion of the proposed sale of MTN Debentures, the intended use of the net proceeds of such sale, the expected outcome of the plans we have implemented in response to the COVID-19 situation and other statements that are not historical facts. All such forward-looking statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities laws and of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. These statements are not guarantees of future performance or events and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward‑looking statements contained in this news release, whether as a result of new information, future events or otherwise. Forward-looking statements are provided herein for the purpose of giving information about the proposed offering referred to above and about the plans we have implemented in response to the COVID-19 situation and its expected impact on us. Readers are cautioned that such information may not be appropriate for other purposes. The timing and completion of the abovementioned proposed sale of the MTN Debentures is subject to customary closing terms and other risks and uncertainties. Accordingly, there can be no assurance that the proposed sale of the MTN Debentures will occur, or that it will occur at the expected time indicated in this news release. In addition, there can be no certainty that the plans we have implemented in response to COVID-19 will yield the expected results. Due to the speed with which the COVID-19 situation is developing and the uncertainty of its magnitude, outcome and duration, we are not able at this time to estimate the impact of the COVID-19 situation on our operations or financial results; however, the impact could be material.

About Bell
Bell is Canada's largest communications company, providing advanced broadband wireless, TV, Internet and business communication services throughout the country. Bell Media is Canada's premier content creation company with leading assets in television, radio, out of home and digital media. Founded in Montréal in 1880, Bell is wholly owned by BCE Inc. (TSX, NYSE: BCE). To learn more, please visit Bell.ca or BCE.ca.

The Bell Let's Talk initiative promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of mental health care and access, research and workplace leadership initiatives. To learn more, please visit Bell.ca/LetsTalk.

Media inquiries:

Marie-Eve Francoeur
514-391-5263
[email protected]

Investor inquiries:

Thane Fotopoulos
514-870-4619
[email protected]

SOURCE Bell Canada