By Cristal Cody
Prospect News, July 27 - Ontario electric distributor PowerStream Inc. (/A/DBRS: A) sold C$200 million of 30-year senior debentures at par to yield 3.958% in a private placement, a bond source said on Friday.
The debentures due July 30, 2042 priced at a spread of 174 basis points over the Government of Canada benchmark.
BMO Capital Markets Corp. was the bookrunner. Co-managers were TD Securities Inc. and CIBC World Markets Inc.
The company held a two-day roadshow earlier in the week.
The debentures may be redeemed at the Canadian bond yield plus 43.5 bps.
PowerStream is the second largest municipally owned electric distributor in Ontario.
| Issuer: | PowerStream Inc.
|
| Amount: | C$200 million
|
| Maturity: | July 30, 2042
|
| Securities: | Senior debentures
|
| Bookrunner: | BMO Capital Markets Corp.
|
| Co-managers: | TD Securities Inc., CIBC World Markets Inc.
|
| Coupon: | 3.958%
|
| Price: | Par
|
| Yield: | 3.958%
|
| Spread: | 174 bps over Government of Canada benchmark
|
| Call feature: | Canada Bond Yield plus 43.5 bps
|
| Pricing date: | July 25
|
| Settlement date: | July 30
|
| Ratings: | Standard & Poor's: A
|
| DBRS: A
|
| Distribution: | Canadian private placement
|
| Marketing: | Roadshow
|
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