By Cristal Cody
Tupelo, Miss., Oct. 17 - PSP Capital Inc. sold C$500 million of 3.03% seven-year senior medium-term notes at 99.962 to yield 3.036% in a private placement offering on Thursday, according to an informed source.
The series 5 notes due Oct. 22, 2020 (Aaa/AAA/DBRS: AAA) priced at a spread of 83 basis points over the Canadian bond curve, or 88.5 bps versus the Government of Canada benchmark.
TD Securities Inc. and RBC Dominion Securities Inc. were the joint lead managers.
The notes are unconditionally and irrevocably guaranteed by the Public Sector Pension Investment Board.
PSP Capital, a subsidiary and principal financing arm of the Ottawa, Ont.-based Public Sector Pension Investment Board, plans to use the proceeds to partially refinance a C$1 billion bond due in December.
| Issuer: | PSP Capital Inc.
|
| Guarantor: | Public Sector Pension Investment Board
|
| Amount: | C$500 million
|
| Maturity: | Oct. 22, 2020
|
| Securities: | Senior medium-term notes
|
| Bookrunners: | TD Securities Inc. and RBC Dominion Securities Inc.
|
| Coupon: | 3.03%
|
| Price: | 99.962
|
| Yield: | 3.036%
|
| Spread: 83 bps over Government of Canada bond curve
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 22
|
| Ratings: Moody's: Aaa
|
| Standard & Poor's: AAA
|
| DBRS: AAA
|
| Distribution: | Canada private placement
|
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