407 East Development roadshow underway for C$575.7 million of bonds

By Cristal Cody

Prospect News, May 1 - 407 East Development Group General Partnership is holding a roadshow for two tranches of senior bonds (DBRS: A), a syndicate source said on Tuesday.

The offering includes C$455.7 million of short-term senior bonds and C$120 million of long-term bonds.

BMO Capital Markets Corp., RBC Capital Markets Corp. and CIBC World Markets Inc. are the managers.

Proceeds will be used to extend Highway 407 with the project expected to start in May and be completed in 2015.

The special entity was created to design, build, finance and maintain a portion of highway in the Province of Ontario.

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