By Cristal Cody
Tupelo, Miss., July 24 – Power Corp. of Canada priced an upsized C$250 million of 30-year debentures (A//DBRS: A) at par to yield 4.455% on Monday, according to term sheets.
The issue was upsized from C$200 million.
BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. were the bookrunners.
Proceeds will be used to redeem all C$250 million outstanding of the company’s 7.57% debentures due April 22, 2019.
Power Corp. of Canada is a Montreal-based management and holding company with investments in companies in the financial services, communications and other business sectors in North America, Europe and Asia.
| Issuer: | Power Corp. of Canada
|
| Amount: | C$250 million
|
| Maturity: | July 27, 2048
|
| Securities: | Debentures
|
| Bookrunners: | BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc.
|
| Co-managers: | Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc. and Casgrain & Co. Ltd.
|
| Coupon: | 4.455%
|
| Price: | Par
|
| Yield: | 4.455%
|
| Call features: | Make-whole call before Jan. 27, 2048 at price equal to greater of Government of Canada yield plus 54.5 bps and par; thereafter at par
|
| Trade date: | July 23
|
| Settlement date: | July 25
|
| Ratings: | S&P: A
|
| DBRS: A
|
| Distribution: | Canada agency, Regulation S
|
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