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TORONTO, Oct. 1, 2024 /CNW/ - 407 International Inc. (the "Company") announced today that it has agreed to issue $500 million aggregate principal amount of 4.54% Senior Secured Fixed Rate Notes, Series 24-A2, due October 9, 2054 (the "Notes") through its Medium-Term Notes program and pursuant to a base shelf prospectus dated March 28, 2024, in an agency transaction with a syndicate led by BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. The syndicate also includes CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Company Limited, National Bank Financial Inc. and TD Securities Inc. The distribution of the Notes is scheduled to close on October 9, 2024.

Net proceeds in respect of the Notes will be used (i) to repay principal amounts owing by the Company to certain Canadian chartered banks under the Company's senior secured revolving credit facility, (ii) to fund a series reserve account for the Notes, and (iii) for general corporate purposes.

ABOUT 407 ETR

Highway 407 ETR is an all-electronic open-access toll highway located in the Greater Toronto Area in Ontario, Canada. The highway spans 108 kilometres from Burlington in the west to Pickering in the east.

407 International Inc. is the sole shareholder of 407 ETR and is owned by:

• Canada Pension Plan Investment Board (CPP Investments) through indirectly-owned subsidiaries (50.01%);
• Cintra Global S.E. which is a wholly-owned subsidiary of Ferrovial S.A. (43.23%); and
• AtkinsRéalis Canada Inc., formerly SNC-Lavalin Inc. (6.76%).

News releases are available at 407etr.com/newsroom

SOURCE 407 International Inc.