407 International issues C$250 million of medium term notes
On March 24, 2017, 407 International Inc. completed the issuance of C$250 million aggregate principal amount of 3.43% senior notes, Series 17-A1, due June 1, 2033, through its C$1.8 billion medium term notes program and pursuant to a base shelf prospectus dated December 13, 2016.
The notes were issued by an agency syndicate led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. and includes CIBC World Markets Inc., Casgrain & Company Limited, National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc.
Net proceeds will be used: (i) to fund a series reserve account; (ii) to repay principal amounts owed by the company to certain Canadian chartered banks under certain of the company's senior secured revolving credit facilities; and (iii) for general corporate purposes.
407 is an all-electronic, barrier-free toll highway, spanning 108 km across the Greater Toronto Area.
Further information can be found on Canada Newswire's website.