Chicago, Aug. 15 – 407 International Inc. issued C$675 million of subordinated notes in a two-part offering, according to a press release.
The issuer sold C$350 million of 4.22% subordinated notes, series 22-D1 due Feb. 14, 2028. The second tranche was for C$325 million of 4.45% subordinated notes, series 22-D2 due Aug. 14, 2031.
The transaction was led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.
The syndicate includes CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Co. Ltd., National Bank Financial Inc. and TD Securities Inc.
Proceeds will be used to refinance 407’s existing subordinated debt and for general corporate purposes.
407 International is a Woodbridge, Ont.-based toll highway operator owned by a consortium that includes Ferrovial SA, Canada Pension Plan Investment Board and SNC-Lavalin Inc.
| Issuer: | 407 International Inc.
|
| Amount: | C$675 million
|
| Issue: | Subordinated notes
|
| Bookrunners: | RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Co. Ltd., National Bank Financial Inc. and TD Securities Inc.
|
| Announcement date: | Aug. 15
|
| Settlement date: | Sept. 7
|
|
|
| 2028 notes
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| Amount: | C$350 million
|
| Issue: | Subordinated notes, series 22-D1
|
| Maturity: | Feb. 14, 2028
|
| Coupon: | 4.22%
|
|
|
| 2031 notes
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| Amount: | C$325 million
|
| Issue: | Subordinated notes, series 22-D2
|
| Maturity: | Aug. 14, 2031
|
| Coupon: | 4.45%
|
|
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