By William Gullotti
Buffalo, N.Y., Feb. 23 – Teranet Holdings LP closed on a new C$500 million offering of 3.719% seven-year senior secured notes, according to a press release on Wednesday.
The notes (BBB//DBRS: BBB) will mature Feb. 23, 2029.
RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc. and National Bank Financial Inc. were the bookrunners.
Proceeds will be used to refinance the company’s C$200 million 3.646% series 2015-1 senior secured bonds due Nov. 18, 2022; the early redemption is scheduled for Feb. 10. Excess proceeds from the issue will be used for general corporate purposes, which may include a distribution to company partners.
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$500 million
|
| Maturity: | Feb. 23, 2029
|
| Securities: | Series 2022-1 senior secured notes
|
| Bookrunners: | RBC Dominion Securities Inc. (co-lead agent), BMO Nesbitt Burns Inc. (co-lead agent), Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc., and National Bank Financial Inc.
|
| Coupon: | 3.719%
|
| Announcement date: | Feb. 23
|
| Ratings: | S&P: BBB
|
| DBRS: BBB
|
| Distribution: | Canada
|
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