By Cristal Cody
Tupelo, Miss., June 12 – Teranet Holdings LP closed on a new C$550 million offering of 3.544% five-year senior secured notes, according to a news release on Friday.
The notes (BBB//DBRS: BBB) are due June 11, 2025.
RBC Dominion Securities Inc. and CIBC World Markets Inc. were the bookrunners.
Proceeds will be used to refinance a portion of the company’s C$700 million of outstanding 4.807% series 2010-2 senior secured bonds due Dec. 16, 2020 and for general corporate purposes. The company has given early notice to redeem C$400 million of the 4.807% notes on June 26.
The remaining C$300 million of the 4.807% notes will be redeemed at maturity with funding from a U.S. private placement offering to a group of investors on May 21 of 3.94% series 2020-2 senior secured bonds.
Toronto-based Teranet is a subsidiary of Omers pension fund and owns Teranet Inc., which manages the Province of Ontario’s electronic land registry system.
| Issuer: | Teranet Holdings LP
|
| Amount: | C$550 million
|
| Maturity: | June 11, 2025
|
| Securities: | Series 2020-1 senior secured notes
|
| Bookrunners: | RBC Dominion Securities Inc. and CIBC World Markets Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc., TD Securities Inc., Scotia Capital Inc. and National Bank Financial Inc.
|
| Coupon: | 3.544%
|
| Announcement date: | June 12
|
| Ratings: | S&P: BBB
|
| DBRS: BBB
|
| Distribution: | Canada
|
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