Ms. Ellen Murphy reports

BELL ANNOUNCES OFFERING OF MTN DEBENTURES

BCE Inc.'s Bell Canada has arranged a public offering in Canada of $1.0-billion aggregate principal amount of MTN debentures in two series pursuant to its medium-term-note (MTN) program.

The $600-million 5.15 per cent MTN debentures, Series M-60, will be dated Aug. 11, 2023, will mature on Nov. 14, 2028, and will be issued at a price of $99.917 per $100 principal amount for a yield to maturity of 5.170 per cent. The $400-million 5.60 per cent MTN debentures, Series M-61, will be dated Aug. 11, 2023, will mature on Aug. 11, 2053, and will be issued at a price of $99.726 per $100 principal amount for a yield to maturity of 5.619 per cent. The MTN debentures will be fully and unconditionally guaranteed by BCE. Bell Canada intends to use the net proceeds of this offering for the repayment of short-term debt and for general corporate purposes.

The MTN debentures are being publicly offered in all provinces of Canada through a syndicate of agents. Closing of the offering of these MTN debentures is expected to occur on Aug. 11, 2023, subject to customary closing conditions.

The MTN debentures are being issued pursuant to a short form base shelf prospectus dated March 7, 2022, and a prospectus supplement dated May 19, 2022. Bell will file a pricing supplement relating to this issue with the securities regulatory authorities in all provinces of Canada.

About Bell Canada

Bell is Canada's largest communications company (1), providing advanced broadband wireless, TV, Internet, media and business communications services throughout the country. Founded in Montreal in 1880, Bell is wholly owned by BCE.

Through Bell for Better, it is investing to create a better today and a better tomorrow by supporting the social and economic prosperity of its communities with a commitment to the highest environmental, social and governance (ESG) standards. This includes the "Bell Let's Talk" initiative, which promotes Canadian mental health with national awareness and anti-stigma campaigns like "Bell Let's Talk Day" and significant Bell funding of community care, and access, research and workplace leadership initiatives throughout the country.

(1) Based on total revenue and total combined customer connections.

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