407 International announces C$600 million of medium term notes
On November 2, 2026, 407 International Inc. (“407 International”) announced its public offering of C$600 million aggregate principal amount of 5.33% senior secured fixed rate notes, Series 26-A3, due November 9, 2066. 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., National Bank Financial Inc., TD Securities Inc. and Casgrain & Company Limited.
Net proceeds of the notes will be used by 407 International (i) to repay the principal amount, accrued and unpaid interest and inflation compensation amount on its outstanding real return senior bonds, Series 99-A6, due December 1, 2026, on redemption or maturity, as applicable, (ii) to fund a series reserve account for the notes, and (iii) for general corporate purposes.
The distribution of the notes is scheduled to close on November 9, 2026.
Further information can be found on PR 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%).