On November 17, 2011, 407 International Inc. completed an offering of C$350 million aggregate principal amount of senior secured 4.45% medium term notes, Series 11-A1, due November 15, 2041 for total gross proceeds of approximately C$350 million. The offering was completed pursuant to 407’s medium term note program. The notes were issued under a pricing supplement dated November 14, 2011, to 407’s short form base shelf prospectus dated November 9, 2011.
The offering of the notes was led by BMO Nesbitt Burns Inc. and also included RBC Dominion Securities Inc., Casgrain & Company Limited, CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc.
The net proceeds of the Series 11-A1 offering will be used (i) to repay the principal amount on the $300,000,000 4.65% senior bonds, Series 09-A1, due on January 20, 2012, on maturity or redemption, as applicable, (ii) to fund the related Series Reserve Accounts in the Debt Service Reserve Fund, and (iii) for general corporate purposes.
Further information is found on Canada Newswire.