By Cristal Cody
Tupelo, Miss., Nov. 25 – First National Financial Corp. closed Monday on a new C$200 million private placement of five-year senior notes that priced at par to yield 3.582%, according to a market source and a news release.
The notes (DBRS: BBB) were sold at a spread of 210 basis points over the Government of Canada benchmark.
RBC Dominion Securities Inc. and TD Securities Inc. were the lead managers.
A roadshow was held earlier in November, and the deal attracted 38 investors.
Proceeds will be invested in First National Financial LP, which will in turn repay a portion of the outstanding amount drawn on its bank credit facility.
First National Financial plans to draw on the bank credit facility to repay the company’s C$175 million of 4.01% senior notes that are due April 9, 2020.
Toronto-based First National Financial is the parent company of mortgage lender First National Financial LP.
| Issuer: | First National Financial GP Corp.
|
| Amount: | C$200 million
|
| Maturity: | Nov. 25, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | RBC Dominion Securities Inc. and TD Securities Inc.
|
| Coupon: | 3.582%
|
| Price: | Par
|
| Yield: | 3.582%
|
| Spread: | 210 bps over Government of Canada benchmark
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 25
|
| Rating: | DBRS: BBB
|
| Distribution: | Canada private placement
|
| Marketing: | Roadshow
|
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