407 International issues C$350 million of medium term notes
On March 5, 2025, 407 International Inc. ("407 International") closed its previously announced issuance of C$350 million aggregate principal amount of 4.45% senior secured fixed rate notes, Series 25-A1, due September 11, 2052.
The notes were issued through 407 International’s medium term notes program, in an agency transaction with a syndicate led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. The syndicate also included CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Company Limited, National Bank Financial Inc. and TD Securities Inc.
Net proceeds in connection with the issuance of the notes will be used to (i) refinance existing senior debt on or before maturity and to (ii) fund a series reserve account for the notes.
Further information can be found on Canada Newswire’s website.
407 International is the sole shareholder of 407 ETR, an all-electronic open-access toll highway located in the Greater Toronto Area in Ontario, spanning 108 km from Burlington in the west to Pickering in the east.
It is owned by
- Canada Pension Plan Investment Board (CPP Investments) through indirectly-owned subsidiaries (50.01%);
- Cintra Global S.E, a wholly-owned subsidiary of Ferrovial S.A. (43.23%); and
- AtkinsRéalis Canada Inc.., formerly SNC-Lavalin Inc. (6.76%)