News Release
$250 Million of Medium-Term Notes Issued by 407 International Inc.
Not for distribution to U.S. News Wire Services or dissemination in the United States.
TORONTO, April 2, 2024 – International Inc. (the “Company”) announced today that it has agreed to issue $250 million aggregate principal amount of 4.89% Senior Secured Fixed Rate Notes, Series 24-A1, due April 4, 2054 (the “Notes”) through its Medium-Term Notes program and pursuant to a base shelf prospectus dated March 28, 2024, in an agency transaction with a syndicate led by RBC Dominion Securities Inc. and BMO Nesbitt Burns 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 is scheduled to close on April 4, 2024.
Net proceeds in respect of the Notes will be used to repay, in part, the $250 million principal amount of Senior Secured Notes, Series 14-A1, at maturity on May 16, 2024, and to fund a series reserve account for the Notes.
About 407 ETR
Highway 407 ETR is an all-electronic open-access toll highway located in the Greater Toronto Area in Ontario, Canada. The highway spans 108 kilometres from Burlington in the west to Pickering in the east.
407 International Inc. is the sole shareholder of 407 ETR and is owned by:
- Canada Pension Plan Investment Board (CPP Investments) through indirectly-owned subsidiaries (50.01%);
- Cintra Global S.E. which is a wholly-owned subsidiary of Ferrovial S.A. (43.23%); and
- AtkinsRéalis Canada Inc., formerly SNC-Lavalin Inc. (6.76%).
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