BBGI has completed its inaugural Canadian debt capital markets transaction: a C$790 million dual-tranche senior secured notes offering, rated A (low) with a Stable trend by DBRS Morningstar, which was nearly 4x oversubscribed.
The offering attracted approximately C$3 billion of orders from over 40 accounts. Both tranches tightened materially through marketing — the C$490 million 7-year notes and C$300 million 12-year notes priced 5 and 7 bps inside launch guidance respectively, at a weighted average coupon of approximately 4.9%, and both traded tighter in the secondary market.
For a first-time Maple issuer, the depth of engagement across Toronto, Montreal and Vancouver and the breadth of participation were particularly encouraging. RBC Capital Markets, which led the transaction, noted the order book was among the largest achieved by an inaugural issuer in the Canadian infrastructure sector. The result reflects the strength of BBGI’s contracted cash flow profile, diversified global portfolio and long-term strategy — and the platform we have been building since BBGI became part of BCI last year.
The notes sit alongside our existing bank facilities and introduce long-term fixed-rate capital to BBGI’s funding structure, diversifying our funding sources, extending our maturity profile to 2038 and giving us greater financial flexibility as we continue to grow and manage a global portfolio of essential infrastructure assets.
“My sincere thanks to our financing team and colleagues, to the investors who supported the deal, and to our dealer syndicate, lenders and advisors. This was another milestone for BBGI.”
Duncan Ball, CEO
