By Susanna Moon
Chicago, March 8 - Veresen Inc. said it agreed to issue C$300 million principal amount of 3.95% senior medium-term notes due March 14, 2017 and C$50 million principal amount of 5.05% senior notes due March 14, 2022.
The notes are being offered through a syndicate of investment dealers co-led by CIBC, TD Securities Inc. and Scotiabank, with CIBC and TD Securities as bookrunners, and including HSBC Securities (Canada) Inc., National Bank Financial Inc. and RBC Capital Markets.
Proceeds will be used to reduce Veresen's outstanding debt and for general corporate purposes.
Settlement is expected to occur Wednesday.
DBRS Ltd. and Standard & Poor's have assigned credit ratings of BBB (high) and BBB, respectively, to the notes.
The pipeline and energy company is based in Calgary, Alta.
| Issuer: | Veresen Inc.
|
| Amount: | C$350 million
|
| Securities: | Senior medium-term notes
|
| Dealers: | CIBC, TD Securities Inc. and Scotiabank (lead); HSBC Securities (Canada) Inc., National Bank Financial Inc. and RBC Capital Markets
|
| Pricing date: | March 8
|
| Settlement date: | March 14
|
| Ratings: | S&P: BBB
|
| DBRS: BBB (high)
|
|
|
| Five-year notes
|
| Amount: | C$300 million
|
| Maturity: | March 14, 2017
|
| Coupon: | 3.95%
|
|
|
| 10-year notes
|
| Amount: | C$50 million
|
| Maturity: | March 14, 2022
|
| Coupon: | 5.05%
|
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