Bell Aliant Establishes $3B MTN Program and Issues $1.25B of Notes

Bell Aliant Regional Communications, Limited Partnership filed a short-form base shelf prospectus establishing a $3 billion medium-term note program on September 14, 2006. Under the program, Bell Aliant LP may issue notes from time to time during the next 25 months.

On September 25, 2006, Bell Aliant LP issued an aggregate of $1.25 billion principal amount of medium term notes in two tranches: $750 million principal amount of 5-year notes to mature September 26, 2011; and $500 million principal amount of 10-year notes to mature September 26, 2016. The notes were issued at a discount for yields to maturity of 4.72 per cent and 5.41 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 and to pay down other indebtedness of Bell Aliant LP.

Bell Aliant LP was represented by an in-house team that included Fred Crooks, Evan Kipnis, Alana Patterson and Paul Fitzpatrick. Blake, Cassels & Graydon LLP represented Bell Aliant LP with a team comprised of David Jackson, Sheila Murray, Brendan Reay, Anoop Dogra, John Wilkin, Eric Moncik, Anthony Zaidi, Cynthia Sargeant, Matthew Merkley, Trisha Robertson, Daniel McLeod, Michael Bantey, Eric Poole and Clémentine Sallée (securities/corporate), Paul Tamaki (tax), Gary Jessop (regulatory), Michael Harquail and Michelle Laniel (banking) and Hélène Barette (translation matters).

Ogilvy Renault LLP acted for the agents, led by BMO Nesbitt Burns Inc., CIBC World Markets Inc. and TD Securities Inc. The Ogilvy Renault team included Norman Steinberg, Andrew Bleau, Elliot Shapiro, Solomon Sananes, Amélie Métivier and Afroditi Ladovrechis (securities/corporate), Ann Marie McGovern (tax), Steve Tenai and Alejandro Manevich (regulatory) and David J. Vincent (pension matters).

Lawyer(s)

J. David Vincent Trisha L. Robertson Gary O. Jessop Michael Bantey John Wilkin Ann Marie McGovern Daniel John McLeod Matthew Merkley Elliot Shapiro Eric J. R. Poole Brendan D. Reay Eric Moncik Steve J. Tenai Michelle Laniel Andrew Bleau Paul K. Tamaki Afroditi Ladovrechis Amélie Métivier Anoop Dogra Sheila A. Murray Norman M. Steinberg Alejandro Manevich Hélène Barette Solomon Sananes Cynthia K. Sargeant