By Cristal Cody
Prospect News, June 6 - GE Capital Canada Funding Co. (A1/AA+/) priced C$550 million in two tranches of notes late Wednesday, informed bond sources said.
GE Capital Canada sold C$350 million in the first tranche of 3.55% fixed-rate notes due June 11, 2019 at 99.773 to yield 3.587%, or a spread of 207.3 basis points over the Government of Canada benchmark. The notes came tighter than talk of 210 bps over the benchmark.
The C$200 million second tranche of two-year floating-rate notes priced at par to yield three-month Canadian Dealer Offered Rate plus 88 bps, better than guidance of 90 bps plus three-month CDOR.
TD Securities Inc. and RBC Capital Markets Corp. were the bookrunners.
GE Capital Funding Canada is the Canadian financing arm for GE Capital Canada.
| Issuer: | GE Capital Canada Funding Co.
|
| Amount: | C$550 million
|
| Bookrunners: | TD Securities, RBC Capital Markets
|
| Pricing date: | June 6
|
| Settlement date: | June 11
|
| Distribution: | Canada
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
|
|
| Fixed-rate notes
|
| Amount: | C$350 million
|
| Securities: | Fixed-rate notes
|
| Maturity: | June 11, 2019
|
| Coupon: | 3.55%
|
| Price: | 99.773
|
| Yield: | 3.587%
|
| Spread: | 207.3 bps over Government of Canada benchmark
|
| Price talk: | 210 bps over Government of Canada benchmark
|
|
|
| Floating-rate notes
|
| Amount: | C$200 million
|
| Securities: | Floating-rate notes
|
| Maturity: | June 11, 2014
|
| Price: | Par
|
| Spread: | Three-month CDOR plus 88 bps
|
| Price talk: | Three-month CDOR plus 90 bps
|
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