By Cristal Cody
Prospect News, Nov. 29 - Tim Horton's, Inc. sold C$100 million in a reopening of its 4.2% senior notes due June 1, 2017, a source said.
Tim Horton's priced the notes (DBRS: A) at 102.273 to yield 3.802%, or a spread of 104 basis points over the Government of Canada benchmark bond, on Thursday. Price talk on the notes was the Canadian benchmark plus 105 bps, plus or minus 2 bps.
The notes have a Canada call at 30 bps over the Canadian benchmark.
RBC Capital Markets Corp. and Scotia Capital Inc. were the bookrunners. Co-managers were BMO Nesbitt Burns Inc., CIBC World Markets Inc., J.P. Morgan Securities Canada Inc. and TD Securities Inc.
The issue now has a total of C$300 million outstanding.
Proceeds will be used to refinance the remaining portion of the company's existing term debt set to mature in February.
The Oakville, Ont.-based company is Canada's largest publicly traded restaurant chain.
| Issuer: | Tim Horton's, Inc.
|
| Amount: | C$100 million reopening
|
| Maturity: | June 1, 2017
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | RBC Capital Markets Corp., Scotia Capital Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc., CIBC World Markets Inc., J.P. Morgan Securities Canada Inc., TD Securities Inc.
|
| Coupon: | 4.2%
|
| Price: | 102.273
|
| Yield: | 3.802%
|
| Spread: | 104 bps over Government of Canada benchmark
|
| Call feature: | 30 bps over Canadian benchmark
|
| Pricing date: | Nov. 25
|
| Settlement date: | Dec. 1
|
| Rating: | DBRS: A
|
| Distribution: | Canada
|
| Price talk: | 105 bps, plus or minus 2 bps
|
| Total amount: | C$300 million, including C$200 million priced previously
|
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