Morning everyone, hope all is well; some news for those of you following Canadian equities, just came out:
BCE raises $2 billion in common shares to fund Bell buyback
MONTREAL, Aug. 7 /CNW/ - BCE Inc. (TSX, NYSE: BCE) announced today that,
further to its August 1st, 2002 shelf prospectus filing, it has signed an
underwriting agreement in connection with a public offering of BCE common
shares, at a price of $24.45 per share, for total gross proceeds of
approximately $2 billion assuming full exercise of the over-allotment option.
A major portion of the offer was subscribed by the accounts managed by
certain of the Capital Group International, Inc. investment management
companies and funds managed by Capital Research and Management Company.
The net proceeds resulting from the sale of the common share offering
will be used to pay part of the acquisition price of SBC Communications Inc.'s
indirect minority interest in Bell Canada.
The closing of the offering is scheduled to occur on August 12, 2002, and
is subject to certain conditions set forth in the underwriting agreement.
The common equity offering was placed by a syndicate of underwriters with
RBC Capital Markets acting as lead manager and global book runner, Scotia
Capital, co-lead and Canadian co-book runner, Credit Suisse First Boston, co-
lead and US co-book runner and BMO Nesbitt Burns, co-lead manager.
Common shares offered outside the United States to non-US persons will
not be registered under the US Securities Act. The portion of the common
shares to be sold in the United States or in circumstances where registration
of the common shares is required has been registered under a registration
statement filed with the US Securities and Exchange Commission. A copy of the
prospectus and related prospectus supplement may be obtained from RBC Capital
Markets, 1 Place Ville Marie, Suite 300, Montreal, Quebec H3B 4R8.
This press release does not constitute an offer to sell or the
solicitation of any offer to buy nor will there be any sale of these
securities in any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such province, state or jurisdiction. |
