407 International issues C$700 million medium term notes

March 06, 2020

Torys represented 407 International with a team that included Michael Zackheim and Brett Saulnier (corporate/securities).

On March 6, 2020, 407 International Inc. (“407 International”) completed its issuance of C$700 million aggregate principal amount of 2.84% senior notes, Series 20-A1, due March 7, 2050 through its C$1.6 billion medium-term notes program and pursuant to a base shelf prospectus dated November 30, 2018, in an agency transaction with a syndicate led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. The syndicate also included CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Company Limited, National Bank Financial Inc. and TD Securities Inc.

Net proceeds of the offering 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 of the company's senior secured revolving credit facilities, and (iii) for general corporate purposes.

407 International is owned by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 50.01%), Cintra Global S.E., a wholly owned subsidiary of Ferrovial S. A. (43.23%), and SNC-Lavalin (6.76%).

Further information can be found on Canada Newswire’s website.

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