By Cristal Cody
Tupelo, Miss., Nov. 27 - Tim Hortons Inc. sold C$450 million of 4.52% 10-year senior notes at 99.976 to yield 4.523% in a private placement offering, according to the company and an informed market source on Wednesday.
The notes (DBRS: BBB) priced with a spread of 195 basis points versus the interpolated Government of Canada bond curve.
RBC Dominion Securities Inc., TD Securities Inc. and Scotia Capital Inc. were the joint bookrunners.
Proceeds will be used primarily to repay debt outstanding under a bridge credit facility, which is available for general corporate purposes, including share repurchases.
Oakville, Ont.-based Tim Hortons is a publicly traded restaurant chain that operates more than 4,000 locations in Canada, the United States and the Gulf Cooperation Council.
| Issuer: | Tim Hortons Inc.
|
| Amount: | C$450 million
|
| Maturity: | Dec. 1, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | RBC Dominion Securities Inc., TD Securities Inc. and Scotia Capital Inc.
|
| Co-manager: | Citigroup Global Markets Canada Inc.
|
| Coupon: | 4.52%
|
| Price: | 99.976
|
| Yield: | 4.523%
|
| Spread: | 195 bps plus interpolated Government of Canada bond curve
|
| Pricing date: | Nov. 26
|
| Settlement date: | Nov. 29
|
| Ratings: | DBRS: BBB
|
| Distribution: | Canada private placement
|
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