On July 7, 2006, BCE, Bell Canada and Aliant formed Bell Aliant Regional Communications Income Fund, the largest business trust in Canada with an enterprise value of approximately $10 billion. As part of the transaction, Bell Canada's wireline telecommunications operations in its regional territories in Ontario and Quebec were combined with Aliant's wireline telecommunications operations in Atlantic Canada, its information technology operation and other operations, to form the operating business of the fund, and the fund acquired BCE's 63.4 per cent indirect interest in Télébec, Limited Partnership and NorthernTel, Limited Partnership, which is exchangeable for a 63.4 per cent interest in the Bell Nordiq Income Fund. In addition, Bell Canada acquired Aliant Mobility's wireless operations and Aliant's DownEast Communications retail outlets. Approximately $1.25 billion of Bell Canada debt was effectively transferred to the fund. In connection with this transaction, Bell Canada and the fund entered into a series of outsourcing and commercial agreements, pursuant to which Bell Canada will provide services to support the operations of the fund in Ontario and Quebec, and the fund will provide services to support Bell Canada's wireless operations in Atlantic Canada. The fund's telecommunications operations extend through the four Atlantic provinces and Ontario and Quebec, with more than 3.4 million local access lines and more than 400,000 high-speed Internet subscribers on a consolidated basis. On July 7, 2006, an operating subsidiary of the fund also entered into 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.On July 10, 2006, BCE completed a plan of arrangement pursuant to which it distributed an approximate 28.8 per cent interest in the fund to its shareholders. Borden Ladner Gervais LLP acted for the co-lead arrangers and the syndicate of lenders that provided the new $3.5 billion credit facilities, with a team comprised of Joanne Foot, Kenneth Atlas and Will Wallace.