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Videotron Ltee plans to price $500 million and C$400 million notes in two-part drive-by
By Paul A. Harris
Portland, Ore., June 3 – Videotron Ltee plans to price approximately $830 million equivalent of senior notes (Ba1/BB+) in a Thursday drive-by, according to market sources.
The deal includes $500 million of eight-year notes with three years of call protection. Initial guidance is 3¾% to 3 7/8%.
The offering also features C$400 million of seven-year notes with three years of call protection. Initial guidance is in the 3¾% area.
BofA is leading the dollar-denominated tranche.
NBF is leading the Canadian dollar-denominated tranche.
The Quebec-based integrated telecommunications company, a wholly owned subsidiary of Quebecor Media Inc. (QMI), plans to use the proceeds plus approximately C$750 million of cash on hand to pay off Videotron's 5% senior notes due 2022 and a portion of QMI's senior notes due 2023.
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