CANADA - Caisse de dépôt et placement du Québec has completed a US$5bn debt offering in what it called the largest non-government guaranteed offering by a Canadian issuer in US dollars.
The issuance was part of a C$8bn (US$7.6bn) debt refinancing plan the pension manager announced earlier this month. (Global Pensions; November 13, 2009)
The notes, issued through Caisse subsidiary CDP Financial, were issued in three tranches: $2bn in 3% five-year notes, $1.75bn in 4.4% 10-year notes and $1.25bn in 5.6% 30-year notes.
Caisse said: "The proceeds of this refinancing program will be used to replace certain short-term debt with longer term debt, thus better matching the duration of the Caisse's sources and uses of financing, and increasing the stability of financing sources."
Caisse said it will issue notes in the Canadian market in 2010.
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