By Cristal Cody
Prospect News, July 18 - The South Coast British Columbia Transportation Authority (TransLink) sold C$150 million in a reopening of the 3.85% 40-year senior notes at 102.302 to yield 3.738% on Wednesday, an informed bond source said.
The bonds due Feb. 9, 2052 (Aa2//DBRS: AA) priced at a spread of 148 basis points over the Government of Canada benchmark.
RBC Capital Markets Corp., BMO Capital Markets Corp. and National Bank Financial Inc. were the joint lead managers. CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc. and Casgrain & Co. Ltd. were the co-managers.
The company originally sold the issue on Feb. 2 in a C$100 million offering priced to yield 3.897%, or a spread of 134.5 bps over the government benchmark. The total outstanding now is C$250 million.
TransLink is the regional transportation authority for Metro Vancouver, B.C.
| Issuer: | South Coast British Columbia Transportation Authority (TransLink)
|
| Amount: | C$150 million reopening
|
| Maturity: | Feb. 9, 2052
|
| Securities: | Senior notes
|
| Bookrunners: | RBC Capital Markets Corp., BMO Capital Markets Corp., National Bank Financial Inc.
|
| Co-managers: | IBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., Casgrain & Co. Ltd.
|
| Coupon: | 3.85%
|
| Price: | 102.302
|
| Yield: | 3.738%
|
| Spread: | 148 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Pricing date: | July 18
|
| Settlement date: | July 25
|
| Ratings: | Moody's: Aa2
|
| DBRS: AA
|
| Distribution: | Canada
|
| Total outstanding: | C$250 million
|
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