Published on 3/31/2017 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Videotron prices $600 million 10-year notes at par to yield 5 1/8%
By Paul A. Harris
Portland, Ore., March 31 – Videotron Ltd. and Videotron Ltee. priced a $600 million issue of 10-year senior notes (Ba2/BB) at par to yield 5 1/8% on Friday, according to market sources.
The yield printed at the tight end of the 5 1/8% to 5¼% yield talk.
BofA Merrill Lynch, Scotia Capital, TD Securities and Citigroup Global Markets Inc. were the joint bookrunners.
The Montreal-based telecommunications company plans to use the proceeds to refinance debt.
| Issuers: | Videotron Ltd. and Videotron Ltee.
|
| Amount: | $600 million
|
| Maturity: | April 15, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Scotia Capital, TD Securities, Citigroup Global Markets Inc.
|
| Co-managers: | RBC, National Bank of Canada, BMO, CIBC, Desjardins, HSBC, MUFG, JPMorgan, Laurentian, Mizuho
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 272 bps
|
| Call protection: | Make-whole call at Treasuries plus 100 bps until April 15, 2022, then callable at a premium
|
| Trade date: | March 31
|
| Settlement date: | April 13
|
| Ratings: | Moody's: Ba2
|
| S&P: BB
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5 1/8% to 5¼%
|
| Marketing: | Quick to market
|
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