By Cristal Cody
Tupelo, Miss., March 24 – 407 International Inc. priced C$150 million of 3.3% 30-year senior secured medium-term notes at 99.83 to yield 3.309% on Tuesday, according to the company and an informed source.
The series 15-A1 notes due March 27, 2045 (/A/DBRS: A) priced with a spread of 135 basis points over the Government of Canada benchmark.
RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. were the lead managers.
Proceeds will be used to repay about $140 million of debt owed to certain Canadian chartered banks under the company’s senior secured revolving credit facilities and for general corporate purposes.
407 International is a Woodbridge, Ont.-based toll highway operator owned by a consortium that includes Cintra Infraestructuras, the Canada Pension Plan Investment Board and SNC-Lavalin Inc.
| Issuer: | 407 International Inc.
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| Amount: | C$150 million
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| Maturity: | March 27, 2045
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| Securities: | Senior secured medium-term notes
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| Bookrunners: | RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.
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| Co-managers: | CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., Casgrain & Co. Ltd. and TD Securities Inc.
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| Coupon: | 3.3%
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| Price: | 99.83
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| Yield: | 3.309%
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| Spread: | 135 bps over Government of Canada benchmark
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| Call feature: | Sept. 27, 2044 at par
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| Pricing date: | March 24
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| Settlement date: | March 27
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| Ratings: | Standard & Poor’s: A
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| DBRS: A
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| Distribution: | Canada
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