By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, March 26 – The Province of Quebec (Aa2/AA-/AA-) priced a $3.75 billion offering of 4.5% global notes due 2029 at 99.863. to yield 4.531% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of 50 basis points over SOFR mid-swaps, or at Treasuries plus 28.3 bps.
A source noted that talk was in the SOFR mid-swaps plus 53 bps area.
The global notes, series RE, are not optionally redeemable.
According to a notice, BofA Securities, Inc., BMO Capital Markets Corp., CIBC World Markets Corp., HSBC Bank plc and TD Securities (USA) LLC are the joint bookrunners. TD Securities handled billing and delivery.
The province intends to add the proceeds to its consolidated revenue fund or advance the proceeds to its financing fund.
The SEC-registered notes will be listed on the Euro MTF Market of the Luxembourg Exchange.
| Issuer: | Province of Quebec
|
| Amount: | $3.75 billion
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| Issue: | Global notes, series RE
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| Maturity: | April 3, 2029
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| Bookrunners: | BofA Securities, Inc., BMO Capital Markets Corp., CIBC World Markets Corp., HSBC Bank plc and TD Securities (USA) LLC
|
| Counsel to issuer: | Miller Thomson LLP
|
| Counsel to underwriters: | Sullivan & Cromwell LLP, Norton Rose Fullbright LLP and Norton Rose Fullbright Canada LLP
|
| Coupon: | 4.5%
|
| Price: | 99.863
|
| Yield: | 4.531%
|
| Spread: | SOFR mid-swaps plus 50 bps, or Treasuries plus 28.3 bps
|
| Call features: | Non-callable
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| Trade date: | March 26
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| Settlement date: | April 3
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| Ratings: | Moody’s: Aa2
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| S&P: AA-
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| Fitch: AA-
|
| Distribution: | SEC registered
|
| Price talk: | SOFR mid-swaps plus 53 bps area
|
| Cusip: | 748148M91
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