407 International completes C$700 million of medium term notes
On October 3, 2025, 407 International Inc. (“407 International”) closed its previously announced issuance of C$700 million aggregate principal amount of medium term notes, including (i) C$300 million of 4.81% senior secured fixed rate notes, Series 25-A2, due October 3, 2055 and (ii) C$400 million of 4.11% senior secured fixed rate notes, Series 25-A3, due October 3, 2035.
The notes were issued through 407 International’s medium-term notes program, in an agency transaction with a syndicate led by BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. The syndicate also includes CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Company Limited, National Bank Financial Inc. and TD Securities Inc.
Net proceeds in respect of the notes will be used (i) to repay existing debt, (ii) to fund a series reserve account for the notes, and (iii) for general corporate purposes.
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
- Cintra Global S.E., a subsidiary of Ferrovial S.A. (48.29%);
- Canada Pension Plan Investment Board (CPP Investments) and other institutional investors (44.20%); and
- Public Sector Pension Investment Board (PSP Investments) (7.51%).