By Cristal Cody
Tupelo, Miss., Sept. 9 – AltaLink LP priced C$225 million in a reopening of its 3.99% series 2012-1 medium-term notes due June 30, 2042 at 97.354 to yield 4.151% on Tuesday, according to the company and an informed source.
The notes (/A-/DBRS: A) priced with a spread of 144 basis points over the Government of Canada benchmark.
RBC Dominion Securities Inc. was the bookrunner.
The notes are secured by a first floating charge security interest in the present and future property and assets of AltaLink.
AltaLink originally sold C$300 million of the notes on June 26, 2012 at par to yield 166 bps over the Government of Canada benchmark. The total outstanding is C$525 million.
The Calgary, Alta.-based electric power transmission company plans to use the proceeds to repay outstanding short-term debt and fund the growth and expansion of its electric transmission network in Alberta.
| Issuer: | AltaLink LP
|
| Amount: | C$225 million reopening
|
| Maturity: | June 30, 2042
|
| Securities: | Medium-term notes
|
| Bookrunner: | RBC Dominion Securities Inc.
|
| Co-managers: Scotia Capital Inc. BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc. and Casgrain & Co. Ltd.
|
| Coupon: | 3.99%
|
| Price: | 97.354
|
| Yield: | 4.151%
|
| Spread: | 144 bps over Government of Canada benchmark
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 12
|
| Ratings: | Standard & Poor’s: A-
|
| DBRS: | A
|
| Distribution: | Canada
|
| Total outstanding: | C$525 million
|
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