By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, April 17 – The province of British Columbia (Aaa/AA-/AA+) sold a $2.5 billion offering of 4.9% five-year bonds at 99.965 to yield 4.908% on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at SOFR mid-swaps plus 51 basis points, or Treasuries plus 26.6 bps.
Price talk was in the SOFR mid-swaps plus 52 bps area, according to a market source.
The bonds may not be redeemed prior to maturity unless certain events occur involving Canadian taxation.
BofA Securities, Inc., J.P. Morgan Securities plc, National Bank of Canada Financial Inc., RBC Capital Markets LLC and Scotia Capital (USA) Inc. are the bookrunners.
| Issuer: | British Columbia
|
| Amount: | $2.5 billion
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| Issue: | Bonds, series BCUSG-15
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| Maturity: | April 24, 2029
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| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities plc, National Bank of Canada Financial Inc., RBC Capital Markets LLC and Scotia Capital (USA) Inc.
|
| Fiscal agent: | Bank of New York Mellon
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| Counsel to issuer: | Government counsel (Canadian law) and Shearman & Sterling LLP (U.S. law)
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| Counsel to underwriters: | Osler, Hoskin & Harcourt LLP (Canadian law) and Davis Polk & Wardwell LLP (U.S. law)
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| Coupon: | 4.9%
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| Price: | 99.965
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| Yield: | 4.908%
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| Spread: | SOFR mid-swaps plus 51 bps or Treasuries plus 26.6 bps
|
| Call features: | Non-callable unless certain events occur involving Canadian taxation
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| Trade date: | April 17
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| Settlement date: | April 24
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| Issuer ratings: | Moody’s: Aaa
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| S&P: AA-
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| Fitch: AA+
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| Distribution: | SEC registered
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| Price talk: | SOFR mid-swaps plus 52 bps area
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| Cusip: | 110709AL6
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