407 International Inc. completes C$500 million public offering of medium term notes
Torys acted as counsel to 407 International with a team that included Michael Zackheim and Sarah Rimer (corporate/securities).
On October 1, 2024, 407 International Inc. (“407 International”) announced that it agreed to issue C$500 million aggregate principal amount of 4.54% senior secured fixed rate notes, Series 24-A2, due October 9, 2054 through its medium term notes program and pursuant to a base shelf prospectus dated March 28, 2024, in an agency transaction with a syndicate co-led by BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. The syndicate also includes CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Company Limited, National Bank Financial Inc. and TD Securities Inc.
The distribution of the notes closed on October 9, 2024.
Net proceeds in respect of the notes will be used (i) to repay principal amounts owing by 407 International to certain Canadian chartered banks under its senior secured revolving credit facility, (ii) to fund a series reserve account for the notes, and (iii) for general corporate purposes.
Further information can be found on Newswire’s website.
407 International is owned by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 50.01%), also known as CPP Investments; Cintra Global S.E., a wholly owned subsidiary of Ferrovial S. A. (43.23%); and SNC-Lavalin (6.76%).