Bell Aliant Issues $1B Note Program

On February 26, 2007 Bell Aliant Regional Communications, Limited Partnership issued an aggregate of $1.0 billion principal amount of medium term notes under its medium-term note program, established in September 2006, in three tranches: $400 million principal amount of seven-year notes to mature February 26, 2014; $300 million principal amount of 12-year notes to mature February 26, 2019; and $300 million principal amount of 30-year notes to mature February 26, 2037. The notes were issued at a discount for yields to maturity of 4.95 per cent, 5.52 per cent and 6.17 per cent, respectively. Proceeds from the issuances of the notes were used to pay down amounts owing under the $3.5 billion unsecured credit facility Bell Aliant LP has in place with a syndicate of financial institutions, to pay down other short-term debt of Bell Aliant LP and for other general business purposes.

Bell Aliant LP was represented by an in-house team that included Fred Crooks, Alana Patterson and Paul Fitzpatrick. Blake, Cassels & Graydon LLP represented Bell Aliant LP with a team comprised of David Jackson, Sheila Murray, Anoop Dogra, Eric Moncik and Matthew Merkley (securities/corporate) and Hélène Barette (translation matters).

Ogilvy Renault LLP acted for the syndicate of agents, led by RBC Dominion Securities Inc., National Bank Financial Inc. and Scotia Capital Inc. The Ogilvy Renault team included Norman Steinberg, Andrew Bleau, Elliot Shapiro and Amélie Métivier.