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Published on 5/8/2018 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.

New Issue: 407 details C$500 million sale of 3.72% 30-year senior secured notes

By Cristal Cody

Tupelo, Miss., May 8 – 407 International Inc. priced C$500 million of 3.72% 30-year senior secured notes (/A//DBRS: A) at par in the previously reported offering on Monday, according to a final terms sheet.

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

Proceeds from the senior notes 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 Ferrovial SA, Canada Pension Plan Investment Board and SNC-Lavalin Inc.

Issuer:407 International Inc.
Amount:C$500 million
Description:Series 18-A1 senior secured notes
Maturity:May 11, 2048
Bookrunners:RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.
Co-managers:CIBC World Markets Inc., Casgrain & Co. Ltd., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc.
Coupon:3.72%
Price:Par
Yield:3.72%
Call features:Make-whole call before Nov. 11, 2047 at greater of face amount of notes and Government of Canada yield plus 32.5 bps; thereafter at par
Trade date:May 7
Settlement date:May 9
Ratings:S&P: A
DBRS: A
Distribution:Canada

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