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Bell settles C$1.575B concurrent cash tender offers in Canada and the United States


Date

June 5, 2026

Office Involved

Value

1.575 Billion CAD

On June 5, 2026, Bell settled its cash tender offers in Canada of (i) C$301.1 million principal amount of the 4.35% MTN Debentures Series M-39 due 2045, (ii) C$366.6 million principal amount of the 4.45% MTN Debentures Series M-45 due 2047, (iii) C$380 million principal amount of the 5.15% MTN Debentures Series M-60 due 2028, (iv) C$60 million principal amount of the 6.55% MTN Debentures Series M-3 due 2029, and (v) C$345 million principal amount of the 2.50% MTN Debentures Series M-52 due 2030; excluding accrued and unpaid interest.

The Canadian transaction was jointly led by RBC Dominion Securities Inc., Scotia Capital Inc. and CIBC World Markets Inc. as lead dealer managers, and Desjardins Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Merrill Lynch Canada Inc., Citigroup Global Markets Canada Inc., Wells Fargo Securities Canada, Ltd., SMBC Nikko Securities Canada, Ltd., Mizuho Securities Canada Inc. and Barclays Capital Canada Inc. as co-dealer managers (collectively, the "Dealer Managers").

Bell also settled its cash tender offers in the United States of (i) US$83.96 million principal amount of the 3.200% Series US-6 Notes due 2052, (ii) US$142.85 million principal amount of the 3.650% Series US-7 Notes due 2052, (iii) US$109.1 million principal amount of the 3.650% Series US-4 Notes due 2051, (iv) US$97.88 million principal amount of the 4.300% Series US-2 Notes due 2049, (v) US$91.01 million principal amount of the 2.150% Series US-5 Notes due 2032 and (vi) US$352.71 million principal amount of the 4.646% Series US-1 Notes due 2048; excluding accrued and unpaid interest.

The U.S. transaction was jointly led by BofA Securities, Inc., Citigroup Global Markets Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC as lead dealer managers, and Barclays Capital Inc., BMO Capital Markets Corp., CIBC World Markets Corp., Desjardins Securities Inc., Mizuho Securities USA LLC, National Bank of Canada Financial Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC as co-dealer managers (collectively, the "Dealer Managers").

McCarthy Tétrault LLP assisted the dealer managers with a team led by Fraser Bourne that included Isabelle Nazon, Vincent Leduc and Alexandre Verrier-Martineau (Business), and Michel Ranger (Tax).

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