Plenary Properties readies for C$1.05 billion two-part bond offering

By Cristal Cody

Prospect News, Jan. 24 - Plenary Properties LTAP LP plans to sell C$1.05 billion in two tranches of bonds (/A/DBRS: A), an informed source said Monday.

The offering includes C$167.4 million of notes due 2014 talked at the 115 basis points area over the June 2033 Government of Canada benchmark bond and C$838.2 million of bonds due 2044 talked in the area of 200 bps to 205 bps over the Canadian benchmark.

RBC Capital Markets Corp. is the lead manager. Co-managers are TD Securities Inc., CIBC World Markets Inc., BMO Capital Markets Corp. and National Bank Financial Inc.

Pricing is expected on Tuesday.

Plenary Properties is a special-purpose entity created to build and maintain a high-security office and special-purpose building and 800-car parking facility for the Communications Security Establishment Canada Long-Term Accommodation project in Ottawa. The Communications Security Establishment Canada agency protects the Government of Canada's communication and electronic information.

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