By Cristal Cody
Tupelo, Miss., May 13 - 407 International Inc. sold C$250 million of 3.35% 10-year senior secured medium-term notes at 99.916 to yield 3.36% on Tuesday, according to the company and an informed source.
The series 14-A1 notes due May 16, 2024 (/A/DBRS: A) priced at a spread of 100 basis points over the interpolated Government of Canada bond curve.
BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. were the lead managers.
The Woodbridge, Ont.-based toll highway operator plans to use the proceeds to repay C$235.2 million owed under senior secured revolving credit facilities and for general corporate purposes.
| Issuer: | 407 International Inc.
|
| Amount: | C$250 million
|
| Maturity: | May 16, 2024
|
| Securities: | Senior secured medium-term notes
|
| Bookrunners: | BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc.
|
| Co-managers: | CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., Casgrain & Co. Ltd. and TD Securities Inc.
|
| Coupon: | 3.35%
|
| Price: | 99.916
|
| Yield: | 3.36%
|
| Spread: | 100 bps over interpolated Government of Canada bond curve
|
| Pricing date: | May 13
|
| Settlement date: | May 16
|
| Ratings: Standard & Poor's: A
|
| DBRS: A
|
| Distribution: | Canada
|
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