By Marisa Wong
Los Angeles, Dec. 1 – Epcor Utilities Inc. has completed a public offering in Canada of medium-term note debentures in the aggregate principal amount of C$250 million, according to a press release.
The notes (/A-/A/DBRS: A (low)) are a reopening of Epcor’s existing 5.326% notes due Oct. 3, 2053 and priced at 106.716 to yield 4.892%.
The company issued the initial C$300 million of notes on Oct. 3.
National Bank Financial Inc. and TD Securities Inc. acted as co-leads and joint bookrunners for the syndicate of agents, which included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., MUFG Securities (Canada), Ltd. and Merrill Lynch Canada Inc.
Proceeds will be used for general corporate purposes, including repayment of existing debt and financing the company’s capital expenditure program and working capital requirements.
Through its wholly owned subsidiaries, Epcor builds, owns and operates electrical, natural gas and water transmission and distribution networks, water and wastewater treatment facilities, sanitary and stormwater systems and infrastructure in Canada and the United States. The company is based in Edmonton, Alta.
| Issuer: | Epcor Utilities Inc.
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| Amount: | C$250 million
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| Issue: | Medium-term note debentures add-on
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| Maturity: | Oct. 3, 2053
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| Bookrunners: | National Bank Financial Inc. and TD Securities Inc. (co-leads); BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., MUFG Securities (Canada), Ltd. and Merrill Lynch Canada Inc.
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| Coupon: | 5.326%
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| Price: | 106.716 plus accrued interest
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| Yield: | 4.892%
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| Announcement date: | Dec. 1
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| Ratings: | S&P: A-
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| Fitch: A
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| DBRS: A (low)
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| Distribution: | Canadian public offering
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| Total issuance: | C$550 million, including C$300 million issued Oct. 3
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