$250 Million of Medium Term Notes Issued by 407 International Inc.
TORONTO, May 13, 2014
407 International Inc. (the "Company") announced today that it has agreed to issue $250 million aggregate principal amount of 3.35% Senior Notes, Series 14-A1, due May 16, 2024, through its $1.2 billion Medium-Term Notes program and pursuant to a base shelf prospectus dated August 3, 2012, in an agency transaction with a syndicate led by BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. The syndicate also includes CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., Casgrain & Company Limited and TD Securities Inc. The distribution of the Senior Notes is scheduled to close on May 16, 2014.
Aggregate net proceeds of approximately $235.5 million, after paying the costs of issuance and funding of the series reserve account, will be used (i) to repay $235.2 million aggregate principal amount owing by the Company to certain Canadian chartered banks under certain of the Company's senior secured revolving credit facilities, and (ii) for general corporate purposes.
407 International Inc. is owned by Cintra Infraestructuras S.A., a wholly owned subsidiary of Ferrovial S. A. (43.23%), by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 40%), and by SNC-Lavalin (16.77%).
- 30 -
For more information, contact:
Chief Financial Officer
Communications and Government Relations