New Issue: 407 International prices C$700 million of 2.84% 30-year secured notes at 99.859

By Cristal Cody

Tupelo, Miss., March 5 – 407 International Inc. priced C$700 million of 2.84% 30-year senior secured notes (A//DBRS: A) at 99.859 to yield 2.847% on Wednesday, according to a final term sheet.

RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. were the lead managers.

Proceeds will be used to refinance existing debt and for general corporate purposes.

407 International is a Woodbridge, Ont.-based toll highway operator owned by a consortium that includes Ferrovial SA, Canada Pension Plan Investment Board and SNC-Lavalin Inc.

Issuer:	407 International Inc.
Amount:	C$700 million
Description:	Series 20-A1 senior secured notes
Maturity:	March 7, 2050
Bookrunners:	RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.
Co-managers:	CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Co. Ltd., National Bank Financial Inc. and TD Securities Inc.
Coupon:	2.84%
Price:	99.859
Yield:	2.847%
Call features:	Make-whole call before Sept. 7, 2049 at greater of face amount of notes and Government of Canada yield plus 40 bps; thereafter at par
Trade date:	March 4
Settlement date:	March 6
Ratings:	S&P: A
	DBRS: A
Distribution:	Canada shelf

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