By Cristal Cody
Prospect News, Nov. 14 - 407 International Inc. priced C$350 million of 4.45% 30-year senior bonds (DBRS: A) at 99.885 to yield 4.457%, a bond source said.
The series 11-A1 bonds due Nov. 15, 2041 priced at a spread of 170 basis points over the Government of Canada benchmark.
BMO Capital Markets Corp. was the lead manager. Co-managers were RBC Capital Markets Corp., Casgrain & Co. Ltd., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc.
Proceeds will be used to repay the company's C$300 million outstanding of 4.65% series 09-A1 senior bonds due on Jan. 20, 2012 on maturity or redemption and for general corporate purposes.
The Woodbridge, Ont.-based toll highway operator is owned by a consortium that includes Cintra Infraestructuras, Intoll, SNC-Lavalin Inc. and the Canada Pension Plan Investment Board.
Issuer: | 407 International Inc.
|
Amount: | C$350 million
|
Maturity: | Nov. 15, 2041
|
Securities: | Senior bonds
|
Bookrunner: | BMO Capital Markets Corp.
|
Co-managers: | RBC Capital Markets Corp., Casgrain & Co. Ltd., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc.
|
Coupon: | 4.45%
|
Price: | 99.885
|
Yield: | 4.457%
|
Spread: | 170 bps over Government of Canada benchmark
|
Pricing date: | Nov. 14
|
Settlement date: | Nov. 17
|
Rating: | DBRS: A
|
Distribution: | Canada
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.