By Cristal Cody
Prospect News, Oct. 2 - VW Credit Canada Inc. (A3//DBRS: A) raised C$400 million in an offering of 2.2% four-year senior notes priced at 99.897 to yield 2.227% on Tuesday, according to a bond source.
The notes came at a spread of 98.7 basis points over the Government of Canada benchmark.
TD Securities Inc. and RBC Capital Market LLC were the bookrunners.
VW Credit Canada last tapped the Canadian markets on May 24 with C$450 million offering in two tranches of senior notes due 2015 and 2017.
The financial services provider for Volkswagen Group Canada dealerships is based in Quebec.
| Issuer: | VW Credit Canada Inc.
|
| Amount: | C$400 million
|
| Maturity: | Oct. 11, 2016
|
| Securities: | Senior notes
|
| Bookrunners: | TD Securities Inc., RBC Capital Market LLC
|
| Coupon: | 2.2%
|
| Price: | 99.897
|
| Yield: | 2.227%
|
| Spread: | 98.7 bps over Government of Canada benchmark
|
| Pricing date: | Oct. 2
|
| Settlement date: | Oct. 11
|
| Ratings: | Moody's: A3
|
| DBRS: A
|
| Distribution: | Canada
|
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