407 International issues C$500 million of medium term notes
On May 9, 2018, 407 International Inc. completed the issuance of C$500 million aggregate principal amount of 3.72% senior notes, Series 18-A1, due May 11, 2048, through its C$1.8 billion medium term notes program and pursuant to a base shelf prospectus dated December 13, 2016.
The notes were issued by an agency syndicate led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. and included CIBC World Markets Inc., Casgrain & Company Limited, National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc.
Net proceeds will be used: (i) to fund a series reserve account; (ii) to repay principal amounts owing by the company to certain Canadian chartered banks under certain senior secured revolving credit facilities; and (iii) for general corporate purposes.
407 is an all-electronic, barrier-free toll highway, spanning 108 km across the Greater Toronto Area.
Further information can be found on Canada Newswire's website.