New Issue: Agrium sells upsized $500 million 5.25% 30-year notes at 220 bps spread

By Aleesia Forni

Virginia Beach, Nov. 13 – Agrium Inc. priced an upsized $500 million of 5.25% 30-year debentures (Baa2/BBB/) on Thursday with a spread of Treasuries plus 220 basis points, according to a FWP filing with the Securities and Exchange Commission and a market source.

The notes sold in line with talk.

Pricing was at 99.491 to yield 5.283%.

BofA Merrill Lynch, RBC Capital Markets LLC and Scotia Capital USA Inc. are the bookrunners.

Proceeds will be used to reduce short-term debt and for general corporate purposes.

The retailer of agricultural products is based in Calgary, Alta.

Issuer:	Agrium Inc.
Amount:	$500 million, upsized from $400 million
Description:	Debentures
Maturity:	Jan. 15, 2045
Bookrunners:	BofA Merrill Lynch, RBC Capital Markets LLC, Scotia Capital USA Inc.
Co-managers:	BMO Capital Markets Corp., CIBC World Markets Corp., AltaCorp Capital Inc., BNP Paribas Securities Corp., National Bank of Canada Financial Inc., TD Securities (USA) LLC, ANZ Securities, Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., RBS Securities Inc.
Coupon:	5.25%
Price:	99.491
Yield:	5.283%
Spread:	Treasuries plus 220 bps
Trade date:	Nov. 13
Settlement date:	Nov. 18
Ratings:	Moody’s: Baa2
	Standard & Poor's: BBB
Price talk:	Treasuries plus 220 bps area
Make-whole call:	Treasuries plus 35 bps prior to July 15, 2044, then callable at par

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