Bell Canada Issues $1B 4.85% Debentures

On June 29, 2009, Bell Canada issued $1 billion 4.85 per cent Debentures, Series M-20, due 2014 by way of a prospectus supplement dated June 23, 2009 to its short-form base shelf prospectus dated June 13, 2007. The net proceeds of this offering will be used by Bell Canada to pre-fund debt repayments, including the redemption, prior to maturity, of $600 million principal amount of 5.50 per cent Debentures, Series M 16 due August 12, 2010 and for general corporate purposes, including increasing working capital and, pending any such use, investing in bank deposits and short-term marketable securities.

RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., Desjardins Securities Inc. and Casgrain & Company Limited acted as agents in connection with the offering.

Bell Canada was represented internally by Martine Turcotte, executive vice-president and chief legal and regulatory officer, Ildo Ricciuto, assistant general counsel, financings and compliance and Eric Paul-Hus, legal consultant and by Jean Marc Huot, Benoît C. Dubord, Sarah Landry Maltais and Giancarlo Salvo (corporate and securities) of Stikeman Elliott LLP.

The agents were represented by Ogilvy Renault LLP, with a team that included Francis R. Legault, Andrew Bleau, David Millette and Nicholas Cerminaro (corporate and securities) and Derek Chiasson (tax).