Transaction|November 26, 2010
407 International completes C$700 million public offering of secured medium-term notes
Torys acted as counsel to 407 International with a team that included Glen Johnson, Michael Zackheim and Robbie Leibel.
On November 26, 2010, 407 International Inc. completed an offering of C$400 million aggregate principal amount of senior secured 4.30% medium term notes, Series 10-A3, due May 26, 2021 and C$300 million aggregate principal amount of subordinated secured 3.87% medium term notes, Series 10-D1, due November 24, 2017, for total gross proceeds of approximately C$700 million. Both offerings were completed pursuant to 407's medium term note program. The notes were issued under two pricing supplements, each dated November 23, 2010, to 407's short form base shelf prospectus dated November 18, 2009, as amended on June 8, 2010.
The offering of both series of notes was co-led by BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc., and also included National Bank Financial Inc., Scotia Capital Inc., CIBC World Markets Inc., Casgrain & Company Limited and TD Securities Inc.
The net proceeds of the Series 10-A3 offering will be used (i) to repay the principal amount on the $250,000,000 4.50% senior bonds, Series 08-A1, due on January 25, 2011, 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. The net proceeds of the Series 10-D1 offering will be used to repay the principal amount on the $300,000,000 5.00% subordinated bonds, Series 08-D1, due on January 31, 2011, on maturity or redemption, as applicable.
Further information is found on Canada Newsire.
The offering of both series of notes was co-led by BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc., and also included National Bank Financial Inc., Scotia Capital Inc., CIBC World Markets Inc., Casgrain & Company Limited and TD Securities Inc.
The net proceeds of the Series 10-A3 offering will be used (i) to repay the principal amount on the $250,000,000 4.50% senior bonds, Series 08-A1, due on January 25, 2011, 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. The net proceeds of the Series 10-D1 offering will be used to repay the principal amount on the $300,000,000 5.00% subordinated bonds, Series 08-D1, due on January 31, 2011, on maturity or redemption, as applicable.
Further information is found on Canada Newsire.