By Cristal Cody
Prospect News, Jan. 28 - The Inter Pipeline Fund (/BBB+/DBRS: BBB) sold an upsized C$325 million of 4.967% medium-term notes due Feb. 2, 2021 at par on Friday, an informed source said.
The notes priced at a spread of 163 basis points over the Government of Canada bond curve. The notes were talked at 163 bps over the curve.
The deal was upsized from C$250 million.
The notes have a Canada call at 41 bps over the Government of Canada benchmark.
CIBC World Markets Inc. and TD Securities Inc. were the lead managers.
BMO Capital Markets Corp., RBC Capital Markets Corp., Scotia Capital Inc., HSBC Capital (Canada) Inc., National Bank Financial Inc. and BNP Paribas (Canada) were the co-managers.
Proceeds will be used to pay down a portion of Inter Pipeline's existing bank debt.
Inter Pipeline Fund is a Calgary, Alta.-based petroleum transportation, storage and natural gas liquids extraction business that operates in western Canada, the United Kingdom, Germany and Ireland.
| Issuer: | Inter Pipeline Fund
|
| Amount: | C$325 million, increased from C$250 million
|
| Maturity: | Feb. 2, 2021
|
| Securities: | Medium-term notes
|
| Bookrunners: | CIBC World Markets Inc. and TD Securities Inc.
|
| Co-managers: | BMO Capital Markets Corp., RBC Capital Markets Corp., Scotia Capital Inc., HSBC Capital (Canada) Inc., National Bank Financial Inc. and BNP Paribas (Canada)
|
| Coupon: | 4.967%
|
| Price: | Par
|
| Yield: | 4.967%
|
| Spread: | 163 bps over Government of Canada bond curve
|
| Call feature: | 41 bps plus Government of Canada benchmark
|
| Change-of-control put: | 101%
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 2
|
| Ratings: | Standard & Poor's: BBB+
|
| DBRS: BBB
|
| Distribution: | Canada
|
| Price talk: | 163 bps over Government of Canada bond curve
|
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