Formula One signs up Canada Pension Plan for $1 billion high-yield loan

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Formula One Group will obtain $400 million of a $1 billion private high-yield loan from Canada Pension Plan Investment Board's CPPIB Credit Investments Inc.

The borrowing will mature in 2019.

"This transaction is an excellent opportunity for CPPIB to participate in a long-term loan facility with attractive risk-adjusted returns involving an iconic global sports management brand that is superbly positioned for continued growth," said André Bourbonnais, senior vice-president, private investments, at CPPIB, in a press release.

Toronto-based CPPIB is a professional investment management organization.

Formula One is the organizer of the Formula One World Championship (F1) and owner of the commercial rights to F1 motorsports racing.

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