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.
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Amount: | C$500 million
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Description: | Series 18-A1 senior secured 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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Price: | Par
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Yield: | 3.72%
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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
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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
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