407 International completes C$750 million public offering of medium term notes

May 22, 2020

Torys represented 407 International with a team that included Michael Zackheim and Brett Saulnier.

On May 22, 2020, 407 International Inc. (“407 International”) completed its previously announced issuance of C$350 million aggregate principal amount of 1.80% senior notes, Series 20-A2, due May 22, 2025 and C$400 million aggregate principal amount of 2.59% senior notes, Series 20-A3, due May 25, 2032 through its C$3 billion medium-term notes program and pursuant to a base shelf prospectus dated May 13, 2020, in an agency transaction with a syndicate led by BMO Nesbitt Burns Inc. and RBC Dominion Securities 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 (a) to fund a series reserve account for each series, (b) together with other available funds, to repay (i) the C$400 million aggregate principal amount of senior notes, Series 10-A3, due May 26, 2021, and (ii) the C$208.3 million aggregate principal amount of real return senior bonds, Series 99-A5, due December 1, 2021, in each case, on maturity or redemption, as applicable, 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.