By Cristal Cody
Tupelo, Miss., June 27 – Epcor Utilities Inc. priced C$450 million of medium-term notes (A-//DBRS: A) in two tranches, according to final term sheets.
A C$100 million tranche of three-year notes priced at par to yield 1.949%.
Epcor Utility sold an upsized C$350 million of 30-year notes at par to yield 3.106%.
The 30-year offering was upsized from C$300 million at the launch.
RBC Dominion Securities Inc. and National Bank Financial Inc. were the bookrunners.
Proceeds will be used to repay existing debt and for other corporate purposes.
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$450 million
|
| Description: | Medium-term notes
|
| Bookrunners: | RBC Dominion Securities Inc. and National Bank Financial Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., MUFG and Wells Fargo Securities Canada Ltd.
|
| Trade date: | June 25
|
| Settlement date: | July 8
|
| Ratings: | S&P: A-
|
| DBRS: A
|
| Distribution: | Canada
|
|
|
| Three-year notes
|
| Amount: | C$100 million
|
| Maturity: | July 8, 2022
|
| Coupon: | 1.949%
|
| Price: | Par
|
| Yield: | 1.949%
|
| Call feature: | At greater of par and the Government of Canada bond yield plus 14.5 bps
|
|
|
| 30-year notes
|
| Amount: | C$350 million
|
| Maturity: | July 8, 2049
|
| Coupon: | 3.106%
|
| Price: | Price
|
| Yield: | 3.106%
|
| Call features: | Make-whole call before Jan. 8, 2049 at greater of par and the Government of Canada bond yield plus 35 bps; thereafter at par
|
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