By Cristal Cody
Prospect News, April 20 - 407 International Inc. sold C$400 million of 4.19% 30-year senior secured medium-term notes (DBRS: A) at 99.864 to yield 4.198% on Friday, a bond source said.
The series 12-A1 notes due April 25, 2042 priced at a spread of 156 basis points over the Canadian government benchmark.
BMO Capital Markets Corp. and RBC Capital Markets Corp. were the lead managers. Co-managers were National Bank Financial Inc., Scotia Capital Inc., Casgrain & Co. Ltd., CIBC World Markets Inc. and TD Securities Inc.
Proceeds will be used to redeem the company's $200 million outstanding of 5.1% senior bonds, series 09-A2, due Jan. 20, 2014 and for general corporate purposes.
407 International was last in the Canadian bond market on Nov. 13. The company sold C$350 million of 4.45% 30-year senior bonds (DBRS: A) at 99.885 to yield 4.457%, or a spread of 170 bps over the Government of Canada benchmark.
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$400 million
|
| Maturity: | April 25, 2042
|
| Securities: | Senior secured medium-term notes
|
| Bookrunners: | BMO Capital Markets Corp. and RBC Capital Markets Corp.
|
| Co-managers: | National Bank Financial Inc., Scotia Capital Inc., Casgrain & Co. Ltd., CIBC World Markets Inc., TD Securities Inc.
|
| Coupon: | 4.19%
|
| Price: | 99.864
|
| Yield: | 4.198%
|
| Spread: | 156 bps over Canadian government benchmark
|
| Pricing date: | April 20
|
| Settlement date: | April 25
|
| Rating: | DBRS: A
|
| Distribution: | Canada
|
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