{"id":2348,"date":"2008-07-04T11:43:38","date_gmt":"2008-07-04T15:43:38","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2348"},"modified":"2008-07-04T11:43:38","modified_gmt":"2008-07-04T15:43:38","slug":"bce-teachers-a-giant-step-closer","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2348","title":{"rendered":"BCE \/ Teachers&#039; : A Giant Step Closer"},"content":{"rendered":"<p>BCE <a href=\"http:\/\/www.bce.ca\/en\/news\/releases\/corp\/2008\/07\/04\/74793.html\">has announced<\/a>:<\/p>\n<blockquote><p>BCE today announced the company has entered into a final agreement with a company formed by an investor group led by Teachers&#8217; Private Capital, the private investment arm of the Ontario Teachers&#8217; Pension Plan, Providence Equity Partners Inc., Madison Dearborn Partners, LLC, and Merrill Lynch Global Private Equity.<\/p>\n<p>    As a result of the execution of the final agreement, amending the definitive agreement dated June 29, 2007:<\/p>\n<ul>\n<li>The purchase price will remain $42.75 per common share;\n<li>The Purchaser and the Lenders have delivered fully negotiated and executed credit documents for the purpose of funding the transaction, including an executed credit agreement and other key financing documents;\n<li>The reverse break fee payable by the Purchaser in the circumstances contemplated by the definitive agreement has been increased to $1.2 billion;\n<li>Closing will occur on or before December 11, 2008; and\n<li>Prior to closing, the company will not pay dividends on its common shares but will continue to pay dividends on its preferred shares.<\/ul>\n<\/blockquote>\n<p>Well, the deal hasn&#8217;t closed until the money&#8217;s in the bank &#8230; but at this point I have to say that a successful closing looks pretty likely. It&#8217;s interesting that the break fee increased; presumably, that&#8217;s the concession won by BCE in exchange for cancelling the common dividend.<\/p>\n<p>BCE has the following preferred shares outstanding: <a href=\"http:\/\/www.prefblog.com\/?p=1043\"><font color=\"#0066cc\">BCE.PR.A<\/font><\/a>, <a href=\"http:\/\/www.prefblog.com\/?p=381\"><font color=\"#0066cc\">BCE.PR.C<\/font><\/a>, <a href=\"http:\/\/www.prefblog.com\/?p=1834\">BCE.PR.D<\/a>, BCE.PR.E, BCE.PR.F, <a href=\"http:\/\/www.prefblog.com\/?p=537\"><font color=\"#0066cc\">BCE.PR.G<\/font><\/a>, <a href=\"http:\/\/www.prefblog.com\/?p=537\"><font color=\"#0066cc\">BCE.PR.H<\/font><\/a>, <a href=\"http:\/\/www.prefblog.com\/?p=537\"><font color=\"#0066cc\">BCE.PR.I<\/font><\/a>, <a href=\"http:\/\/www.prefblog.com\/?p=381\"><font color=\"#0066cc\">BCE.PR.R<\/font><\/a>, <a href=\"http:\/\/www.prefblog.com\/?p=381\"><font color=\"#0066cc\">BCE.PR.S<\/font><\/a>, <a href=\"http:\/\/www.prefblog.com\/?p=381\"><font color=\"#0066cc\">BCE.PR.T<\/font><\/a>, <a href=\"http:\/\/www.prefblog.com\/?p=490\"><font color=\"#0066cc\">BCE.PR.Y<\/font><\/a> &#038; <a href=\"http:\/\/www.prefblog.com\/?p=490\"><font color=\"#0066cc\">BCE.PR.Z<\/font><\/a><\/p>\n<p>The last dedicated PrefBlog entry in this saga was <a href=\"http:\/\/www.prefblog.com\/?p=2173\">BCE \/ Teachers&#8217; Deal : Chattering Classes Humiliated<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BCE has announced: BCE today announced the company has entered into a final agreement with a company formed by an investor group led by Teachers&#8217; Private Capital, the private investment arm of the Ontario Teachers&#8217; &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2348","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2348"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2348\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}