By Cristal Cody
Prospect News, April 10 - John Deere Canada Funding Inc. sold C$250 million of 1.95% senior medium-term notes due 2017 at 99.931 to yield 1.968%, according to a source on Wednesday.
The notes (A2//DBRS: A) priced at a spread of 77 basis points over the Government of Canada bond curve.
TD Securities Inc. and RBC Capital Markets Corp. were the bookrunners.
The notes are unconditionally guaranteed by John Deere Capital Corp.
Proceeds will be used for general corporate purposes.
John Deere Canada last tapped the markets on Jan. 10 with a $200 million offering of 1.95% senior medium-term notes due Jan. 14, 2016 (A2//DBRS: A) priced at 99.858 to yield 2%, or a spread of 69 bps over the Canada bond curve.
The company is a Canadian financing arm of Deere & Co., a heavy equipment and farm implement maker based in Moline, Ill.
| Issuer: | John Deere Canada Funding Inc.
|
| Guarantor: | John Deere Capital Corp.
|
| Amount: | C$250 million
|
| Maturity: | April 12, 2017
|
| Securities: | Senior medium-term notes
|
| Bookrunners: | TD Securities Inc. and RBC Capital Markets Corp.
|
| Coupon: | 1.95%
|
| Price: | 99.931
|
| Yield: | 1.968%
|
| Spread: | 77 bps over Canada bond curve
|
| Pricing date: | April 9
|
| Settlement date: | April 12
|
| Ratings: | Moody's: A2
|
| DBRS: A
|
| Distribution: | Canada
|
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