By Cristal Cody
Prospect News, Oct. 18 - Equitable Group Inc. sold C$65 million of 5.399% five-year senior debentures (DBRS: BBB) at par in a private placement, which included a C$23 million retail carve-out, an informed source said on Thursday.
The series 10 debentures priced at a spread of 400 basis points over the Government of Canada benchmark.
TD Securities Inc. and RBC Dominion Securities Inc. were the lead managers.
The issue may be redeemed at the Canada bond yield plus 100 bps.
Proceeds will be used to acquire debentures from the company's subsidiary, the Equitable Trust Co.
Equitable Group is a Toronto-based mortgage lender.
| Issuer: | Equitable Group Inc.
|
| Amount: | C$65 million
|
| Maturity: | Oct. 23, 2017
|
| Securities: | Senior debentures
|
| Bookrunners: | TD Securities Inc., RBC Dominion Securities Inc.
|
| Co-managers: | GMP Securities LP, BMO Nesbitt Burns Inc., CIBC World Markets Inc.
|
| Coupon: | 5.399%
|
| Price: | Par
|
| Yield: | 5.399%
|
| Spread: | 400 bps over Government of Canada benchmark
|
| Call feature: | Canada bond yield plus 100 bps
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 22
|
| Rating: | DBRS: BBB
|
| Distribution: | Canada private placement
|
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