Transaction|October 7, 2013
407 International Inc. completes C$200 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 Matthew Murphy.
On October 7, 2013, 407 International Inc. (407) completed an offering of C$200 million aggregate principal amount of senior secured 4.68% medium-term notes, Series 13-A1, due October 7, 2053 for total gross proceeds of approximately C$200 million. The offering was completed pursuant to 407's medium-term note program. The notes were issued under a pricing supplement dated October 2, 2013, to 407's short form base shelf prospectus dated August 3, 2012.
The offering of the notes was led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. and also included National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Casgrain & Company Limited and CIBC World Markets Inc.
The net proceeds of the Series 13-A1 offering will be used (i) to repay C$118.1 million aggregate principal amount owing by 407 to certain Canadian chartered banks under certain of the Company's senior secured revolving credit facilities, (ii) to fund the related Series Reserve Accounts in the Debt Service Reserve Fund, and (iii) for general corporate purposes.
Further information can be found on Canada Newswire's website.
The offering of the notes was led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. and also included National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Casgrain & Company Limited and CIBC World Markets Inc.
The net proceeds of the Series 13-A1 offering will be used (i) to repay C$118.1 million aggregate principal amount owing by 407 to certain Canadian chartered banks under certain of the Company's senior secured revolving credit facilities, (ii) to fund the related Series Reserve Accounts in the Debt Service Reserve Fund, and (iii) for general corporate purposes.
Further information can be found on Canada Newswire's website.