DBRS assigns BBB to Teranet notes

DBRS said it assigned a rating of BBB to the C$550 million of five-year 3.544% series 2020-1 senior secured bonds of Teranet Holdings LP, which DBRS rates BBB.

DBRS Morningstar notes will also issue and settle C$300 million of 3.940% series 2020-2 senior secured bonds in the U.S. market in December. The total amount raised is C$850 million.

The rating is based upon the rating on already-outstanding series of the above-mentioned debt instrument, DBRS said.

The proceeds will be used to refinance the C$700 million of series 2010-2 senior secured bonds, which mature on Dec. 16 with the excess amount of C$150 million to be used for general corporate purposes.

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