By Cristal Cody
Eureka Springs, Ark., June 7 – BMW Canada Inc. sold C$600 million of senior notes (A2/A+/DBRS: A) in two tranches on Tuesday, according to a market source.
The company priced C$300 million of three-year floating-rate notes at par to yield CDOR plus 65 basis points.
BMW Canada sold C$300 million of 1.83% five-year notes at 99.957 to yield 1.839%, or 119 bps over the interpolated Government of Canada bond curve.
TD Securities Inc. and RBC Dominion Securities Inc. were the lead managers.
BMW Canada, part of BMW Group Canada, is a Richmond Hill, Ont.-based automobile retailer.
| Issuer: | BMW Canada Inc.
|
| Amount: | C$600 million
|
| Securities: | Senior notes
|
| Bookrunners: | TD Securities Inc., RBC Dominion Securities Inc.
|
| Pricing date: | June 7
|
| Settlement date: | June 15
|
| Ratings: | Moody’s: A2
|
| S&P: A+
|
| DBRS: A
|
| Distribution: | Canada
|
|
|
| Three-year floaters
|
| Amount: | C$300 million
|
| Maturity: | June 14, 2019
|
| Coupon: | CDOR plus 65 bps
|
| Price: | Par
|
| Yield: | CDOR plus 65 bps
|
|
|
| Five-year notes
|
| Amount: | C$300 million
|
| Maturity: | June 15, 2021
|
| Coupon: | 1.83%
|
| Price: | 99.957
|
| Yield: | 1.839%
|
| Spread: | 119 bps over interpolated Government of Canada bond curve
|
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