By Cristal Cody
Prospect News, Dec. 4 - Hydro-Quebec raised C$500 million in a reopening of its 5% debentures due Feb. 15, 2050 that settled on Tuesday, according to a bond source.
The series JN debentures (Aa2/A+/DBRS: A) priced at 130.962 to yield 2.504%, or a spread of 119.5 basis points over the Government of Canada benchmark.
National Bank Financial Inc. was the lead manager.
Hydro-Quebec originally sold the debentures on Jan. 15, 2009. The issue last was reopened on July 19 to sell C$500 million. The summer add-on priced at 132.648 to yield 3.444%, or a spread of 117.5 bps over the Government of Canada benchmark.
The total outstanding is C$6 billion.
Hydro-Quebec is a Quebec government-owned electric power generator and distributor.
| Issuer: | Hydro-Quebec
|
| Guarantor: | Quebec
|
| Amount: | $500 million reopening
|
| Maturity: | Feb. 15, 2050
|
| Securities: | Debentures
|
| Bookrunner: | National Bank Financial Inc.
|
| Co-lead managers: | RBC Dominion Securities Inc., Scotia Capital Inc.
|
| Co-managers: | BMO Nesbitt Burns Inc., Casgrain & Co. Ltd., CIBC World Markets Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., Merrill Lynch Canada Inc., TD Bank Securities Inc.
|
| Coupon: | 5%
|
| Price: | 130.962
|
| Yield: | 2.504%
|
| Spread: | 119.5 bps over Government of Canada benchmark
|
| Call feature: | Non-callable
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: | C$6 billion
|
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