Published on 6/4/2013 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: Videotron sells C$400 million 5.625% 12-year notes at 344.7 bps spread
By Cristal Cody
Tupelo, Miss., June 4 - Videotron Ltd. sold C$400 million of 5.625% 12-year senior notes at par to yield 5.626% in a private placement in Canada, according to an informed source on Tuesday.
The Regulation S, Rule 144A notes due June 15, 2025 (Ba2/BB/) priced at a spread of 344.7 basis points over the Canada bond curve.
The deal was upsized from C$300 million.
National Bank Financial Inc., TD Securities Inc. and Merrill Lynch Canada Inc. were the joint bookrunners. HSBC Securities (Canada) Inc. was the co-lead manager.
The Montreal, Quebec-based cable operator plans to use the proceeds to finance the redemption and retirement of a portion of the outstanding 91⁄8% senior notes due 2018 on or about July 2 and to finance the settlement and termination costs of any related hedging contracts.
| Issuer: | Videotron Ltd.
|
| Amount: | C$400 million
|
| Maturity: | June 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | National Bank Financial Inc., TD Securities Inc. and Merrill Lynch Canada Inc.; HSBC Securities (Canada) Inc. (co-lead)
|
| Co-managers: | Scotia Capital Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Goldman Sachs & Co., Citigroup Global Markets Canada Inc., Laurentian Bank Securities Inc. and Computershare Trust Company of Canada
|
| Coupon: | 5.625%
|
| Price: | Par
|
| Yield: | 5.626%
|
| Spread: | 344.7 bps over Canada bond curve
|
| Call feature: | Whole or in part upon 15 to 60 days' notice and at any time on or after March 15, 2025
|
| Pricing date: | June 3
|
| Settlement date: | June 17
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | Regulation S, Rule 144A, Canada private placement
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