Bell Nordiq Completes IPO

Bell Nordiq Income Fund, a Montreal-based unincorporated limited purpose trust created to indirectly acquire and hold partnership units of Télébec, Limited Partnership and Northern Telephone, Limited Partnership, completed an initial public offering of its units on April 23, 2002. Along with the exercise of the over-allotment option on July 3, 2002, the fund raised a total of $326.05 million. Proceeds from the financing were used by the fund to acquire a 36.6 per cent interest in Télébec, Limited Partnership and Northern Telephone, Limited Partnership, which, in turn, were formed to acquire and carry on the telecommunications services businesses previously carried on by Bell Canada’s indirect, wholly owned subsidiaries, Télébec ltée and Northern Telephone Limited.

Administration agreements were put in place with Bell Nordiq Group Inc., (formerly Télébec ltée), which provide the fund with certain administrative and support services. Bell Nordiq Group Inc. also manages the operations of Télébec, Limited Partnership and Northern Telephone, Limited Partnership, as general partner.

The fund was represented in-house by Jacques DuBerger, chief legal and regulatory officer and corporate secretary, Bell Nordiq Group Inc. Bell Canada was represented in-house by Odin Larocque, assistant general counsel; Gaëtane Valois, senior counsel (real estate); and Miguel Baz, counsel. The fund and Bell Canada were also represented by Borden Ladner Gervais LLP, with a team comprised of Frank Allen, John Godber, Anick Morin, Tammy Shulman, Manon Gauthier, Gord Raman and Daniel Westreich, and Pierre Trudeau, Catherine Guertin and Evelyn Goldfarb (real estate) and Stephen Fyfe and Craig Webster (tax).

RBC Capital Markets Inc. led the underwriting syndicate, which included National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc. and HSBC Securities (Canada) Inc. The underwriters were represented by Stikeman Elliott, with a team that included Jean Marc Huot, Steeve Robitaille, Maxime Turcotte and Pierre-Yves Leduc, and Bertrand Ménard (real estate) and Frédéric Harvey and Derek Chiasson (tax).

Lawyer(s)

Jean Marc Huot Frédéric Harvey Maxime Turcotte Francis R. Allen Raymond B. Tennant Stephen J. Fyfe Gordon G. Raman Pierre-Yves Leduc Pierre Trudeau Derek Chiasson Manon Gauthier Craig J. Webster Evelyn Goldfarb Tammy Shulman Daniel Westreich Bertrand P. Ménard Steeve Robitaille Anick Morin Catherine Guertin