By Cristal Cody
Tupelo, Miss., June 11 – Keyera Corp. (BBB//DBRS: BBB) sold C$600 million of 6.875% 60-year fixed-to-floating rate subordinated notes on Tuesday at par, according to a news release.
The hybrid notes due June 13, 2079 will reset to a floating rate after an initial fixed-rate period.
CIBC World Markets Inc. and RBC Dominion Securities Inc. were the bookrunners.
Proceeds will be used to fund the company’s ongoing capital program, to repay debt under its revolving credit facility and for general corporate purposes.
Keyera is a Calgary, Alta.-based natural gas midstream provider.
| Issuer: | Keyera Corp.
|
| Amount: | C$600 million
|
| Description: | Fixed-to-floating rate subordinated notes
|
| Maturity: | June 13, 2079
|
| Bookrunners: | CIBC World Markets Inc. and RBC Dominion Securities Inc.
|
| Coupon: | 6.875%; resets to floating rate after initial fixed-rate period
|
| Trade date: | June 11
|
| Settlement date: | June 13
|
| Ratings: | S&P: BBB
|
| DBRS: BBB
|
| Distribution: | Canada
|
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