By Cristal Cody
Prospect News, May 23 - Inter Pipeline Fund sold an upsized C$400 million of 3.776% 10-year senior medium-term notes at par on Wednesday, an informed bond source said.
The notes due May 30, 2022 (/BBB+/DBRS: BBB) priced at a spread of 190 basis points over the Government of Canada benchmark.
The deal was upsized from C$300 million.
BMO Capital Markets Corp., CIBC World Markets Inc. and TD Securities Inc. were the lead managers. Co-managers were National Bank Financial Inc., RBC Capital Markets Corp., Scotia Capital Inc. and Desjardins Securities Inc.
The notes are redeemable at the Canada Bond Yield plus 47.5 bps.
Proceeds will be used to repay a portion of Inter Pipeline's existing bank debt, the company said in a statement.
Calgary, Alta.-based Inter Pipeline Fund owns and operates energy infrastructure assets that include petroleum transportation and storage.
| Issuer: | Inter Pipeline Fund
|
| Amount: | C$400 million
|
| Maturity: | May 30, 2022
|
| Securities: | Senior medium-term notes
|
| Bookrunners: | BMO Capital Markets, CIBC World Markets, TD Securities
|
| Co-managers: | National Bank Financial, RBC Capital Markets, Scotia Capital, Desjardins Securities
|
| Coupon: | 3.776%
|
| Price: | Par
|
| Yield: | 3.776%
|
| Spread: | 190 bps over Government of Canada benchmark
|
| Call feature: | Canada Bond Yield plus 47.5 bps
|
| Pricing date: | May 23
|
| Settlement date: | May 28
|
| Ratings: | Standard & Poor's: BBB+
|
| DBRS: BBB
|
| Distribution: | Canada
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
