407 International completes C$800 million public offering of senior secured medium-term notes

On June 16, 2010, 407 International Inc. completed an offering of C$500 million aggregate principal amount of senior secured 3.88% medium-term notes, Series 10-A1, due June 16, 2015 and C$300 million aggregate principal amount of senior secured 4.99% medium-term notes, Series 10-A2, due June 16, 2020, for total gross proceeds of approximately C$800 million. Both offerings were completed pursuant to 407's medium-term note program. The notes were issued under two pricing supplements, each dated June 11, 2010, to 407's short form base shelf prospectus dated November 18, 2009, as amended on June 8, 2010. The offering of both series of notes was led by BMO Nesbitt Burns Inc., and also included RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., TD Securities Inc. and Casgrain & Company Limited.

The net proceeds of the offerings will be used to (i) repay the principal amount on the C$625 million 4.90% senior bonds, Series 07-A2, due on October 4, 2010, on maturity or redemption, as applicable; (ii) to fund the related Series Reserve Accounts in the Debt Service Reserve Fund; and (iii) for general corporate purposes.

Further information is found on Canada Newswire's website.