By Cristal Cody
Prospect News, July 26 - Inter Pipeline Fund priced C$200 million of 3.839% seven-year senior medium-term notes (/BBB+/DBRS: BBB) at par on Tuesday, a bond source said.
The notes due July 30, 2018 priced at a spread of 131 basis points over the Canadian bond curve, tighter than initial guidance of 133 bps over the curve.
CIBC World Markets Inc. and TD Securities Inc. were the lead managers.
Proceeds will be used to repay 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$200 million
|
| Maturity: | July 30, 2018
|
| Securities: | Senior medium-term notes
|
| Bookrunners: | CIBC World Markets Inc., TD Securities Inc.
|
| Coupon: | 3.839%
|
| Price: | Par
|
| Yield: | 3.839%
|
| Spread: | 131 bps over Canadian bond curve
|
| Pricing date: | July 26
|
| Settlement date: | July 29
|
| Ratings: | Standard & Poor's: BBB+
|
| DBRS: BBB
|
| Distribution: | Canada
|
| Price talk: | 133 bps over Canadian bond curve
|
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