By Cristal Cody
Tupelo, Miss., March 21 – 407 International Inc. priced C$250 million of 3.43% senior notes due June 1, 2033 on Tuesday at 99.917 to yield 3.437%, according to a market source and a company news release.
The series 17-A1 notes (/A//DBRS: A) priced with a spread of 122 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 fund a series reserve account, to repay principal amounts owed to certain Canadian chartered banks under some of 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, Canada Pension Plan Investment Board and SNC-Lavalin Inc.
| Issuer: | 407 International Inc.
|
| Amount: | C$250 million
|
| Maturity: | June 1, 2033
|
| Securities: | Senior notes
|
| Bookrunners: | BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc.
|
| Co-managers: | CIBC World Markets Inc., Casgrain & Co. Ltd., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc.
|
| Coupon: | 3.43%
|
| Price: | 99.917
|
| Yield: | 3.437%
|
| Spread: | 122 bps over Government of Canada benchmark
|
| Pricing date: | March 21
|
| Settlement date: | March 24
|
| Ratings: | S&P: A
|
| DBRS: A
|
| Distribution: | Canada
|
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