S&P rates 407 notes A

S&P said it assigned an A rating to 407 International Inc.’s C$750 million of senior secured notes.

The company will sell C$350 million of 1.8% series 20-A2 due May 2025 and C$400 million of 2.59% series 20-A3 due May 2032.

Proceeds will be used to redeem early and refinance bonds maturing in 2021 (C$400 million series 10-A3 maturing in May 2021 and C$208.3 million (about C$300 million outstanding currently) series 99-A5 maturing in December 2021).

S&P also affirmed the A rating on 407’s senior debt, A- rating on the junior debt and BBB rating on the subordinated debt.

The outlook is stable.

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