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407 International to redeem C$550 million 4.5%, 5% notes due 2011
By Melissa Kory
Cleveland, Nov. 29 - 407 International Inc. announced that it will redeem its outstanding C$250 million of 4.5% series 08-A1 senior medium-term notes due Jan. 25, 2011 and outstanding C$300 million of 5% series 08-D1 medium-term notes due Jan. 31, 2011.
The notes will be redeemed on Dec. 29.
The 4.5% notes will be redeemed at C$1,021.49 for each C$1,000 principal amount of notes. The 5% notes will be redeemed at C$1,023.65 for each C$1,000 principal amount of notes.
BNY Trust Co. of Canada is the redemption agent.
The redemption of the 4.5% notes will be financed by the proceeds of its recently issued C$400 million 4.3% series 10-A3 senior medium-term notes due May 26, 2021. The redemption of the 5% notes will be financed from the proceeds of its recently issued C$300 million 3.87% series 10-D1 medium-term notes due Nov. 24, 2017.
407 International owns and operates the 407 ETR toll highway near Toronto and is based in that city.
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