407 International completes C$250 million public offering of medium term notes
On April 2, 2024, 407 International Inc. (“407 International”) announced that it agreed to issue C$250 million aggregate principal amount of 4.89% senior secured fixed rate notes, Series 24-A1, due April 4, 2054 through its medium term notes program and pursuant to a base shelf prospectus dated March 28, 2024, in an agency transaction with a syndicate co-led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. The syndicate also includes CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Company Limited, National Bank Financial Inc. and TD Securities Inc.
The distribution of the notes closed on April 4, 2024.
Net proceeds of the offering will be used to repay, in part, the C$250 million principal amount of senior secured notes, Series 14-A1, at maturity on May 16, 2024, and to fund a series reserve account for the notes.
Further information can be found on Canada Newswire’s website.
407 International is owned by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 50.01%), also known as CPP Investments; Cintra Global S.E., a wholly owned subsidiary of Ferrovial S. A. (43.23%); and SNC-Lavalin (6.76%).