By Paul A. Harris
St. Louis, Jan. 7 - Videotron Ltd. priced an upsized C$300 million issue of 10-year senior notes (Ba2/BB-/) at par to yield 7 1/8% on Thursday, according to a market source.
The yield printed at the tight end of the 7¼% area price talk.
RBC Capital Markets, Scotia Capital and TD Securities were joint bookrunners for the issue, which was upsized from C$200 million.
Proceeds will be used to repay bank debt and for general corporate purposes.
Videotron is a Quebec-based communications company.
| Issuer: | Videotron Ltd.
|
| Amount: | C$300 million, increased from C$200 million
|
| Maturity: | Jan. 15, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | RBC Capital Markets, Scotia Capital, TD Securities
|
| Coupon: | 7 1/8%
|
| Price: | Par
|
| Yield: | 7 1/8%
|
| Spread: | 349 bps
|
| Call protection: | Five years
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 13
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A
|
| Price talk: | 7¼% area
|
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