407 sets redemption price for C$208.3 million senior bonds due 2021

By Sarah Lizee

Olympia, Wash., June 24 – 407 International Inc. said it will redeem all of its outstanding C$208.3 million senior bonds, series 99-A5, due Dec. 1, 2021 (Cusip: 350863AH9) on June 24 at a redemption price of $1,557.46 for each $1,000 of notes.

The redemption price includes accrued interest of $4.916 for each $1,000 of notes.

BNY Trust Co. of Canada is the trustee.

As previously reported, the company said it plans to finance part of the redemption using proceeds from a new issue of $350 million 1.8% senior medium-term notes, series 20-A2, due May 22, 2025 and $400 million 2.59% senior medium-term notes, series 20-A3, due May 25, 2032.

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

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