New Issue: 407 International prices C$350 million of 2.43% senior notes due 2027

By Cristal Cody

Eureka Springs, Ark., Nov. 1 – 407 International Inc. priced C$350 million of 2.43% series 16-A2 senior medium-term notes due May 4, 2027 on Tuesday, according to a company news release.

BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. were the lead managers.

Proceeds will be used to fund a series reserve account, to repay at maturity about $289 million of 5.328% series 99-A4 real return senior bonds due Dec. 1, 2016 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$350 million
Maturity:	May 4, 2027
Securities:	Senior medium-term notes
Bookrunners:	BMO Nesbitt Burns Inc., RBC Dominion Securities Inc.
Co-managers:	CIBC World Markets Inc., Casgrain & Co. Ltd., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc.
Coupon:	2.43%
Pricing date:	Nov. 1
Settlement date:	Nov. 4
Ratings:	S&P: A
	DBRS: A
Distribution:	Canada

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