BCI Receives Early Prepayment for Axtel Notes.Business Editors/High-Tech Writers MONTREAL--(BUSINESS WIRE)--Dec. 17, 2003 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 ") announced today that it has received US$ 8.6 million in connection with the prepayment by Axtel S.A de C.V. ("Axtel") of two promissory notes held by BCI: a US$ 1.2 million face value note due December 31, 2003 (the "Short-Term Note"), and a US$ 9.4 million face value note due in the second quarter of 2006 (the "Long-Term Note"). These prepayment amounts were provided for in the agreement governing the notes. The Axtel notes were originally issued in connection with the Axtel restructuring transactions announced on March 27, 2003. At that time, the Short-Term Note was recorded at its face value while the Long-Term Note was recorded at zero fair value. As a result of these prepayments, BCI will record a gain of approximately US$ 7 million in the fourth quarter of 2003. BCI continues to hold a 1.5% equity interest in Axtel. BCI is operating under a court supervised Plan of Arrangement, pursuant to which BCI intends to monetize its assets in an orderly fashion and resolve outstanding claims against it in an expeditious ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex manner with the ultimate objective of distributing the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to its shareholder and dissolving the company. 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, until December 31, 2003, on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market under the symbol BCICF. Visit our Web site at www.bci.ca. Certain statements made in this press release describing BCI's intentions, expectations or predictions are forward-looking and are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. For additional information with respect to risk factors relevant to BCI, see the reports on Forms 6-K and 40-F filed by BCI with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission, as well as the Annual Information Form filed with Canadian securities commissions. BCI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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