By Cristal Cody
Eureka Springs, Ark., Nov. 29 – AltaLink, LP sold C$450 million 30-year medium-term notes at par to yield 3.717%, or 157 basis points over the Government of Canada benchmark, on Tuesday, according to a news release and company treasurer Chris Lomore.
The series 2016-2 notes (A/DBRS: A) are due Dec. 3, 2046.
RBC Dominion Securities Inc., Scotia Capital Inc. and BMO Nesbitt Burns Inc. were the bookrunners.
The notes priced at the lowest coupon in the company’s history, according to the release.
The notes will be secured by a first floating charge security interest in the present and future property and assets of AltaLink.
Proceeds from the deal will be used to repay the company’s short-term debt, including debt outstanding under its commercial paper program.
The Calgary, Alta.-based electricity transmission provider is a subsidiary of Berkshire Hathaway Energy Co.
| Issuer: | AltaLink, LP
|
| Amount: | C$450 million
|
| Maturity: | Dec. 3, 2046
|
| Securities: | Medium-term notes
|
| Bookrunners: | RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc.
|
| Co-managers: | National Bank Financial Inc., TD Securities Inc., Casgrain & Co. Ltd.
|
| Coupon: | 3.717%
|
| Price: | Par
|
| Yield: | 3.717%
|
| Spread: | 157 bps over Government of Canada benchmark
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 1
|
| Ratings: | S&P: A
|
| DBRS: A
|
| Distribution: | Canada
|
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