By Cristal Cody
Tupelo, Miss., July 16 - Inter Pipeline Fund brought C$500 million of 3.448% seven-year medium-term notes at par on Tuesday, according to an informed source.
The notes due July 20, 2020 (/BBB+/DBRS: BBB) priced at a spread of 133 basis points over the Canada bond curve.
CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc. were the bookrunners. Passives were BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc. and Desjardins Securities Inc.
The notes are redeemable, in whole or in part at any time, at the company's option at the greater of par and the Canada yield price.
The issue has a 101% change-of-control put.
Proceeds will be used to pay down existing bank debt.
Calgary, Alta.-based Inter Pipeline Fund owns and operates energy infrastructure assets that include petroleum transportation and storage.
| Issuer: | Inter Pipeline Fund
|
| Amount: | C$500 million
|
| Maturity: | July 20, 2020
|
| Securities: | Medium-term notes
|
| Bookrunners: | CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc. and Desjardins Securities Inc.
|
| Coupon: | 3.448%
|
| Price: | Par
|
| Yield: | 3.448%
|
| Spread: | 133 bps over Government of Canada benchmark
|
| Call feature: | Any time at the greater of par and the Canada yield price
|
| Put option: | 101%
|
| Pricing date: | July 16
|
| Settlement date: | July 19
|
| Ratings: Standard & Poor's: BBB+
|
| DBRS: BBB
|
| Distribution: | Canada
|
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