$500 Million of Medium Term Notes Issued by 407 International Inc.
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TORONTO, May 16, 2016
407 International Inc. (the "Company") announced today that it has agreed to issue $500 million aggregate principal amount of 3.60% Senior Notes, Series 16-A1, due May 21, 2047 through its $1.5 billion Medium-Term Notes program and pursuant to a base shelf prospectus dated March 18, 2015, 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., 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 19, 2016.
Net proceeds 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 Inc. is owned by Cintra Global Holding Limited, 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%).
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Chief Financial Officer
Marketing, Communications and Government Relations