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Aliant Plan of Arrangement Completed
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Location: Blogs News |
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| Posted by: ITNovaScotia Admin |
Saturday, July 08, 2006 |
Saint John, (NB), July 7, 2006 - Aliant Inc. (TSX: AIT) announced today that the Plan of Arrangement creating the new Bell Aliant Regional Communications Income Fund (Bell Aliant) has been completed. The transaction has received all shareholder, board, court and regulatory approvals, and all other closing conditions have been satisfied or waived.
The new income trust combines Aliant's wireline operation in Atlantic Canada, its information technology and other operations with Bell Canada's wireline operation in its regional territories in Ontario and Quebec as well as its indirect 63.4 per cent interest in Bell Nordiq Income Fund. Bell Aliant is one of North America's largest regional telecommunications service providers with over 3.4 million local access lines and over 400,000 high-speed Internet subscribers in six provinces.
As a result of the Arrangement, Aliant common shares held by the public have been automatically exchanged for Bell Aliant units, effective at the close of business today. A letter of transmittal will be sent to Aliant shareholders shortly requesting the return of Aliant share certificates in return for a certificate representing the applicable number of Bell Aliant units. The Bell Aliant units will begin trading on the Toronto Stock Exchange at the commencement of trading on July 10, 2006 with the trading symbol "BA.UN".
The completion of the Plan of Arrangement, which was described in the management information circular of Aliant dated April 14, 2006, has resulted in the acquisition by Bell Aliant of 100 per cent of the common shares of Aliant and 100 per cent of the common shares of Bell Nordiq Group Inc., which holds a 63.4 percent interest (56,575,000 units) in Bell Nordiq Income Fund (assuming the exchange of the units of Télébec, Limited Partnership and Northern Telephone, Limited Partnership into units of Bell Nordiq Income Fund).
Also effective today, Bell Aliant has in place a $3.5 billion credit facility with a syndicate of financial institutions co-led by The Bank of Nova Scotia and Royal Bank of Canada. The new facility will be used by Bell Aliant to finance the Plan of Arrangement transactions, refinance existing long-term debt, support an anticipated commercial paper program and for general working capital purposes.
About Aliant
Aliant serves customers across Atlantic Canada with innovative and traditional communications services, including local and long distance telephony, wireless, Internet, e-commerce, interactive multimedia, data and managed network services. In addition to serving residential, small-to-medium sized business and enterprise customers in its home market, Aliant also serves business customers located in other parts of North America. Aliant complements its industry-leading telecommunications business with strengths in information technology solutions and knowledge-services applications. Aliant's approximately 8,400 employees build on its 100-plus year history by collaborating to deliver the highest quality of customer service, choice and convenience. Aliant has a market capitalization of approximately $4.5 billion.
For media inquiries, please contact:
Kelly Gallant
Aliant, Media Relations
(902) 487-4642
kelly.gallant@aliant.ca
Ian Chadsey
Aliant, Investor Relations
(506) 694-2220
ian.chadsey@aliant.ca |
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