By Cristal Cody
Tupelo, Miss., May 19 – Epcor Utilities Inc. closed Tuesday on a new C$400 million two-part offering of medium-term notes (A-//DBRS: A), according to final term sheets and a news release.
A C$100 million tranche of three-year notes priced at par to yield 1.299%.
Epcor Utility sold C$300 million of 30-year notes at par to yield 2.899%.
The 30-year tranche was upsized from C$200 million.
Scotia Capital Inc. and TD Securities Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including to repay existing debt, to finance the company’s capital expenditure program and for working capital requirements.
Epcor Utilities is an Edmonton, Alta.-based company that owns and operates electric, natural gas and water transmission and distribution networks, water and wastewater treatment facilities and sanitary and storm water systems in Canada and the United States.
| Issuer: | Epcor Utilities Inc.
|
| Amount: | C$400 million
|
| Description: | Medium-term notes
|
| Bookrunners: | Scotia Capital Inc. and TD Securities Inc.
|
| Co-managers: | RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., MUFG and Wells Fargo Securities Canada Ltd.
|
| Trade date: | May 5
|
| Settlement date: | May 19
|
| Ratings: | S&P: A-
|
| DBRS: A
|
| Distribution: | Canada
|
|
|
| Three-year notes
|
| Amount: | C$100 million
|
| Maturity: | May 19, 2023
|
| Coupon: | 1.299%
|
| Price: | Par
|
| Yield: | 1.299%
|
| Call feature: | At greater of par and the Government of Canada bond yield plus 25 bps
|
|
|
| 30-year notes
|
| Amount: | C$300 million
|
| Maturity: | May 19, 2050
|
| Coupon: | 2.899%
|
| Price: | Par
|
| Yield: | 2.899%
|
| Call features: | Make-whole call before Nov. 19, 2049 at greater of par and the Government of Canada bond yield plus 44.5 bps; thereafter at par
|
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