By Cristal Cody
Tupelo, Miss., May 6 – 407 International Inc. priced C$500 million of 3.83% senior secured medium-term notes (/A//DBRS: A) due May 11, 2046 at 99.838 to yield 3.839% on Wednesday, according to the company and a market source.
The series 15-A2 notes priced at a spread of 144 basis points over the Government of Canada benchmark.
BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. were the lead managers.
Proceeds will be used to partially repay about C$500 million of 3.88% series 10-A1 senior notes due June 16, 2015 and for general corporate purposes.
407 International is a Woodbridge, Ont.-based toll highway operator owned by a consortium that includes Cintra Infraestructuras, Canada Pension Plan Investment Board and SNC-Lavalin Inc.
| Issuer: | 407 International Inc.
|
| Amount: | C$500 million
|
| Maturity: | May 11, 2046
|
| 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: | 3.83%
|
| Price: | 99.838
|
| Yield: | 3.839%
|
| Spread: | 144 bps over Government of Canada benchmark
|
| Pricing date: | May 6
|
| Settlement date: | May 11
|
| Ratings: | Standard & Poor’s: A
|
| DBRS: A
|
| Distribution: | Canada
|
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