By Cristal Cody
Prospect News, Oct. 26 - The South Coast British Columbia Transportation Authority (Translink) priced C$300 million 10-year senior bonds (Aa2//DBRS: AA) in its first debt sale on Tuesday.
The metro Vancouver, B.C., regional transportation authority priced the 3.8% bonds due Nov. 2, 2020 at 99.926 to yield 3.809%, or a spread of 98 basis points over the Canadian benchmark bond due 2020, said David Deslauriers, managing director of government finance at TD Securities Inc.
TD Securities was the lead bookrunner.
This is the first long-term debt issue under the name of Translink, which previously conducted debt financing through the Municipal Finance Authority of British Columbia.
Proceeds will be used to fund the transportation authority's expansion and operating plan.
| Issuer: | South Coast British Columbia Transportation Authority (Translink)
|
| Amount: | C$300 million
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| Maturity: | Nov. 2, 2020
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| Securities: | Senior bonds
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| Bookrunner: | TD Securities Inc. (lead)
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| Coupon: | 3.8%
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| Price: | 99.926
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| Yield: | 3.809%
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| Spread: | 98 bps over Canadian benchmark bond due 2020
|
| Pricing date: | Oct. 26
|
| Ratings: | Moody's: Aa2
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| DBRS: AA
|
| Distribution: | Canada
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