BCI Issues Shares as Part of Recapitalization Plan.Business Editors MONTREAL--(BUSINESS WIRE)--Feb. 15, 2002 Bell Canada Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc., is a major Canadian telecommunications company. Through its subsidiaries including Bell Canada, Bell Aliant, Northwestel, Télébec, and NorthernTel, it is the incumbent local exchange carrier for International Inc. ("BCI BCI Bat Conservation International BCI Brain-Computer Interface BCI Business Continuity Institute BCI Business Cycle Indicators BCI Banco de Credito e Inversiones (Chilean bank) BCI Bell Canada International ") (Nasdaq:BCICF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BI.) today announced that it issued 4,718,290,245 common shares on February 15 pursuant to the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. plan announced by BCI on December 3, 2001. The weighted average price of BCI shares for the 20-day trading period of January 14, 2002 to February 8, 2002 was $0.2888 per share (the "Weighted Average Price"). Upon the automatic exercise of the principal warrants issued to BCI shareholders who exercised their rights in the recently-completed rights offering of BCI, 2,988,986,201 common shares were issued at a price of $0.147288 per share, representing a 49% discount to the Weighted Average Price. In addition, 1,457,938,474 common shares were issued in payment of the principal amount of $400 million owing under BCI's 6.75% and 6.50% convertible debentures at a price of $0.27436 per share, representing a 5% discount to the Weighted Average Price, and 271,365,570 common shares were issued to BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Inc. ("BCE") with respect to the conversion of the principal and interest of approximately $78 million owing under a convertible loan to BCI at a price of $0.2888 per share. BCE's percentage ownership interest in BCI is 62.2% following the issuance of these shares. The number of BCI common shares issued on February 15 does not reflect any shares that may be issued to American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. or any of its affiliates in satisfaction of its put right and pursuant to the exercise of the anti-dilutive secondary warrants which were issued to BCI shareholders who exercised their rights. BCI, through Telecom Americas, owns and operates 4 Brazilian B Band cellular companies serving more than 4.3 million subscribers in territories of Brazil with a population of approximately 60 million. BCI is a subsidiary of BCE Inc., Canada's largest communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. . BCI is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol BI and on the NASDAQ National Market under the symbol BCICF. Visit our Web site at www.bci.ca. This news release may contain or refer to other communications that may contain certain forward-looking statements that reflect the current views and/or expectations of management with respect to performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements, and may contain words like "believe", "anticipate", "expect", "envisages", "will likely result", or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. |
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