By Cristal Cody
Tupelo, Miss., Feb. 10 – Greater Toronto Airports Authority sold C$300 million of 1.51% five-year senior secured medium-term notes at 99.99 to yield 1.512%, according to a market source.
The series 2016-1 notes (Aa3/A/DBRS: A) priced with a spread of 101 basis points over the interpolated Government of Canada bond curve.
BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. were the bookrunners.
Proceeds from the offering will be used to refinance the authority’s series 2005-3 medium-term notes due on Feb. 15, 2016.
Greater Toronto Airports Authority operates the Toronto Pearson International Airport.
| Issuer: | Greater Toronto Airports Authority
|
| Amount: | C$300 million
|
| Maturity: | Feb. 16, 2021
|
| Securities: | Senior secured medium-term notes
|
| Bookrunners: | BMO Nesbitt Burns Inc., RBC Dominion Securities Inc.
|
| Co-lead manager: | CIBC World Markets Inc.
|
| Co-managers: | National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc.
|
| Coupon: | 1.51%
|
| Price: | 99.99
|
| Yield: | 1.512%
|
| Spread: | 101 bps over interpolated Government of Canada bond curve
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 16
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A
|
| DBRS: A
|
| Distribution: | Canada
|
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