By Cristal Cody
Prospect News, Sept. 27 - Hydro-Quebec announced that it sold C$500 million in a reopening of its 5% long bonds on Tuesday.
The series JN debentures due Feb. 15, 2050 (Aa2//AA-/DBRS: A) priced at 121.978 to yield 3.892%.
National Bank Financial Inc. was the bookrunner. Scotia Capital Inc. and TD Securities Inc. were co-lead managers.
Co-managers were BMO Capital Markets Corp., Casgrain & Co. Ltd., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., Merrill Lynch Canada Inc. and RBC Capital Markets Corp.
The issue is the eighth additional tranche priced of the issue originally sold on Jan. 15, 2009. Hydro-Quebec last reopened the issue at the start of the year on Jan. 19 in a C$500 million add-on priced at 107.145 to yield 4.604%.
The total outstanding is C$4.5 billion.
Hydro-Quebec is a government-owned corporation, which generates, transmits and distributes electricity in Quebec.
| Issuer: | Hydro-Quebec
|
| Amount: | C$500 million reopening
|
| Maturity: | Feb. 15, 2050
|
| Securities: | Debentures
|
| Bookrunner: | National Bank Financial Inc.
|
| Joint lead managers: | Scotia Capital Inc., TD Securities Inc.
|
| Co-managers: | BMO Capital Markets Corp., Casgrain & Co. Ltd., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., Merrill Lynch Canada Inc., RBC Capital Markets Corp.
|
| Coupon: | 5%
|
| Price: | 121.978
|
| Yield: | 3.892%
|
| Pricing date: | Sept. 27
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA-
|
| DBRS: A
|
| Distribution: | Canada
|
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