By Cristal Cody
Tupelo, Miss., May 7 – 407 International Inc. priced C$500 million of 3.72% 30-year senior notes (/A/DBRS: A) in an offering on Monday, according to a news release.
RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. were the lead managers.
Additional pricing terms were not immediately available.
Proceeds from the senior notes will be used to fund a series reserve account, repay principal amounts owed to 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 Ferrovial SA, Canada Pension Plan Investment Board and SNC-Lavalin Inc.
| Issuer: | 407 International Inc.
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| Amount: | C$500 million
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| Description: | Series 18-A1 senior notes
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| Maturity: | May 11, 2048
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| Bookrunners: | RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.
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| Co-managers: | CIBC World Markets Inc., Casgrain & Co. Ltd., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc.
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| Coupon: | 3.72%
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| Trade date: | May 7
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| Settlement date: | May 9
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| Ratings: | S&P: A
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| DBRS: A
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| Distribution: | Canada shelf
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