By Cristal Cody
Tupelo, Miss., Nov. 17 – PSP Capital Inc. brought a C$500 million reopening of its 3.29% 10-year medium-term notes at 104.10 to yield 2.025% on Monday, according to an informed source.
PSP Capital priced the series 7 notes due April 4, 2024 (Aaa/AAA/DBRS: AAA) with a spread of 82 basis points versus the Government of Canada benchmark.
TD Securities Inc., RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. were the lead managers.
The issue is unconditionally and irrevocably guaranteed by the Public Sector Pension Investment Board.
The company originally sold C$500 million of the notes on April 1 at 99.949 to yield 3.296%, or a spread of spread of 81.4 bps versus the Government of Canada benchmark. The total outstanding is C$1 billion.
PSP Capital is the principal financing arm of the Ottawa, Ont.-based Public Sector Pension Investment Board.
| Issuer: | PSP Capital Inc.
|
| Guarantor: | Public Sector Pension Investment Board
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| Amount: | C$500 million reopening
|
| Maturity: | April 4, 2024
|
| Securities: | Medium-term notes
|
| Bookrunners: | TD Securities Inc., RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.
|
| Co-managers: CIBC World Markets Inc., Desjardins Securities Inc., Scotia Capital Inc., Casgrain & Co. Ltd., National Bank Financial Inc. and Laurentian Bank Securities, Inc.
|
| Coupon: | 3.29%
|
| Price: | 104.10
|
| Yield: | 2.025%
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| Spread: | 82 bps over Government of Canada benchmark
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| Pricing date: | Nov. 17
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| Settlement date: | Nov. 20
|
| Ratings: Moody’s: Aaa
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| Standard & Poor’s: AAA
|
| Distribution: | Canada
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| Total outstanding: C$1 billion
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