407 International issues C$1 billion of medium term notes
On April 1, 2026, 407 International Inc. (“407 International”) announced that it has agreed to issue C$1 billion aggregate principal amount of medium term notes, including (i) C$500 million of 4.48% senior secured fixed rate notes, Series 26-A1, due October 7, 2036 and (ii) C$500 million of 5.06% senior secured fixed rate notes, Series 26-A2, due April 7, 2056.
The notes are 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 includes CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Company Limited, National Bank Financial Inc. and TD Securities Inc. The offering is expected to close on April 7, 2026.
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 with non-controlling interests (44.20%); and
- Public Sector Pension Investment Board (PSP Investments) (7.51%).