By Cristal Cody
Tupelo, Miss., Aug. 12 - VW Credit Canada Inc. (A3//DBRS: A) sold C$450 million in two tranches of senior notes on Monday, according to market sources.
In the first part, VW Credit Canada sold C$125 million of floating-rate notes due Aug. 19, 2015 to yield a spread of 37 basis points plus CDOR.
VW Credit Canada also priced C$325 million of 2.8% fixed-rate notes due Aug. 20, 2018 at 99.912 to yield 2.819%, or a spread of 102.6 bps over the Government of Canada benchmark.
HSBC Capital (Canada) Inc. and TD Securities Inc. were the bookrunners.
The financial service provider for Volkswagen Group Canada dealerships is based in Quebec.
| Issuer: | VW Credit Canada Inc.
|
| Amount: | C$450 million
|
| Securities: | Senior notes
|
| Bookrunners: | HSBC Capital (Canada) Inc. and TD Securities Inc.
|
| Pricing date: | Aug. 12
|
| Ratings: Moody's: A3
|
| DBRS: A
|
| Distribution: | Canada
|
|
|
| Two-year notes
|
| Amount: | C$125 million
|
| Securities: | Floating-rate notes
|
| Maturity: Aug. 19, 2015
|
| Spread: | 37 bps plus CDOR
|
|
|
| Five-year notes
|
| Amount: | C$325 million
|
| Securities: | Fixed-rate notes
|
| Maturity: Aug. 20, 2018
|
| Coupon: | 2.8%
|
| Price: | 99.912
|
| Yield: | 2.819%
|
| Spread: | 102.6 bps over Government of Canada benchmark
|
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