By Cristal Cody
Prospect News, Nov. 14 - 407 International Inc. priced C$350 million of 4.45% 30-year senior bonds (DBRS: A) at 99.885 to yield 4.457%, a bond source said.
The series 11-A1 bonds due Nov. 15, 2041 priced at a spread of 170 basis points over the Government of Canada benchmark.
BMO Capital Markets Corp. was the lead manager. Co-managers were RBC Capital Markets Corp., Casgrain & Co. Ltd., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc.
Proceeds will be used to repay the company's C$300 million outstanding of 4.65% series 09-A1 senior bonds due on Jan. 20, 2012 on maturity or redemption and for general corporate purposes.
The Woodbridge, Ont.-based toll highway operator is owned by a consortium that includes Cintra Infraestructuras, Intoll, SNC-Lavalin Inc. and the Canada Pension Plan Investment Board.
| Issuer: | 407 International Inc.
|
| Amount: | C$350 million
|
| Maturity: | Nov. 15, 2041
|
| Securities: | Senior bonds
|
| Bookrunner: | BMO Capital Markets Corp.
|
| Co-managers: | RBC Capital Markets Corp., Casgrain & Co. Ltd., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc.
|
| Coupon: | 4.45%
|
| Price: | 99.885
|
| Yield: | 4.457%
|
| Spread: | 170 bps over Government of Canada benchmark
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 17
|
| Rating: | DBRS: A
|
| Distribution: | Canada
|
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