By Cristal Cody
Prospect News, Nov. 18 - Newalta Corp. sold C$125 million 7.625% senior notes (B1/BB/) due Nov. 23, 2017 at par to yield 496.9 bps versus the Government of Canada benchmark bond, according to a source on Thursday.
CIBC World Markets Inc. was the bookrunner. Co-managers were RBC Capital Markets Corp., TD Securities Inc.; Scotia Capital Inc. and National Bank Financial.
Proceeds will be used to reduce senior debt under Newalta's credit facility and for general corporate purposes.
Newalta is a Calgary, Alta.-based industrial waste management and environmental services company.
| Issuer: | Newalta Corp.
|
| Amount: | C$125 million
|
| Maturity: | Nov. 23, 2017
|
| Securities: | Senior unsecured notes
|
| Bookrunner: | CIBC World Markets Inc.
|
| Co-managers: | RBC Capital Markets Corp., TD Securities Inc.; Scotia Capital Inc., National Bank Financial
|
| Coupon: | 7.625%
|
| Price: | Par
|
| Yield: | 7.625%
|
| Spread: | 496.9 bps over Government of Canada benchmark
|
| Call feature: | Non-callable for three years
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 23
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB
|
| Distribution: | Canada
|
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