By Cristal Cody
Tupelo, Miss., Nov. 4 – Teranet Holdings LP sold C$200 million of 3.646% seven-year senior secured notes at par in a private placement offering on Tuesday, according to a market source on Wednesday.
The notes priced with a spread of 233 basis points versus the interpolated Government of Canada bond curve.
RBC Dominion Securities Inc. and Scotia Capital Inc. were the bookrunners.
Teranet held a roadshow for the offering that began on Oct. 26 and ended on Monday.
Proceeds from the deal are expected to be used to redeem a C$500 million bond due on Dec. 16, 2015.
Toronto-based Ternanet 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$200 million
|
| Maturity: | Nov. 18, 2022
|
| Securities: | Senior secured notes
|
| Bookrunners: | RBC Dominion Securities Inc., Scotia Capital Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc., Citigroup Global Markets Canada Inc., TD Securities Inc., National Bank Financial Inc.
|
| Coupon: | 3.646%
|
| Price: | Par
|
| Yield: | 3.646%
|
| Spread: | 233 bps over interpolated Government of Canada bond curve
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 18
|
| Ratings: | Standard & Poor’s: BBB
|
| DBRS: BBB
|
| Marketing: | Roadshow
|
| Distribution: | Canada private placement
|
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