By Cristal Cody
Tupelo, Miss., Oct. 29 - Hydro-Quebec sold C$500 million in a reopening of its 5% debentures due Feb. 15, 2050 (Aa2/A+/DBRS: A) at 116.386 to yield 4.125% on Tuesday, according to the company and an informed source.
The series JN debentures priced at a spread of 109.5 basis points over the Government of Canada benchmark.
National Bank Financial Inc. was the bookrunner. CIBC World Markets Inc. and Scotia Capital Inc. were co-lead managers.
BMO Nesbitt Burns Inc., Casgrain & Company Ltd., Desjardins Securities Inc., Laurentian Bank Securities Inc., RBC Dominion Securities Inc. and TD Securities Inc. were co-managers.
The offering is the 13th additional tranche for the series JN debentures. The issue initially priced on Jan. 15, 2009. The total outstanding now is C$7 billion.
Hydro-Quebec last reopened the issue on July 16 when it priced $500 million of the debentures at 120.133 to yield 3.954%, or a spread of 102.5 bps over the Government of Canada benchmark.
Hydro-Quebec is a Quebec government-owned electric power generator and distributor.
| Issuer: | Hydro-Quebec
|
| Amount: | C$500 million reopening
|
| Maturity: Feb. 15, 2050
|
| Securities: | Debentures
|
| Bookrunner: | National Bank Financial Inc. (bookrunner); CIBC World Markets Inc. and Scotia Capital Inc. (co-lead)
|
| Co-managers: | BMO Nesbitt Burns Inc., Casgrain & Company Ltd., Desjardins Securities Inc., Laurentian Bank Securities Inc., RBC Dominion Securities Inc. and TD Securities Inc.
|
| Coupon: | 5%
|
| Price: | 116.386
|
| Yield: | 4.125%
|
| Spread: | 109.5 bps over Government of Canada benchmark
|
| Pricing date: | Oct. 29
|
| Settlement date: | Oct. 31
|
| Ratings: Moody's: Aa2
|
| Standard & Poor's: A+
|
| DBRS: A
|
| Distribution: | Canada
|
| Total outstanding: C$7 billion
|
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