By Cristal Cody
Tupelo, Miss., June 5 - 407 International Inc. priced a C$200 million add-on to its 3.98% senior secured medium-term notes due Sept. 11, 2052 at 99.15 to yield 4.023% on Wednesday, according to the company and market sources.
The series 12-A2 notes (/A/DBRS: A) priced at a spread of 139 basis points over the Government of Canada benchmark.
BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. were the lead managers.
The notes have a Canada call at 40 bps over the Canada bond yield and a call at par three months prior to maturity.
407 International first sold the issue on Sept. 6, 2012 in a C$200 million offering of notes that priced at 99.861 to yield 3.987%, or a spread of 160 bps over the Government of Canada benchmark.
The total outstanding is C$400 million.
The Woodbridge, Ont.-based toll highway operator plans to use the proceeds from the offering to repay C$106.3 million under its senior secured revolving credit facilities and for general corporate purposes.
| Issuer: | 407 International Inc.
|
| Amount: | C$200 million reopening
|
| Maturity: | Sept. 11, 2052
|
| Securities: | Senior secured medium-term notes
|
| Bookrunners: | BMO Nesbitt Burns Inc., RBC Dominion Securities Inc.
|
| Co-managers: | CIBC World Markets Inc., National Bank Financial Inc., Casgrain & Co. Ltd., Scotia Capital Inc., TD Securities Inc.
|
| Coupon: | 3.98%
|
| Price: | 99.15
|
| Yield: | 4.023%
|
| Spread: | 139 bps over Canadian government benchmark
|
| Call feature: | Canada call at 40 bps over Canada bond yield; par call three months prior to maturity
|
| Pricing date: | June 5
|
| Settlement date: | June 10
|
| Ratings: | Standard & Poor's: A
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: | C$400 million, including C$200 million priced Sept. 6, 2012 at 160 spread
|
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