Videotron closes sale of $400M senior notes

MONTREAL – Videotron Ltd. said today it has closed the sale of its senior notes worth $400 million scheduled to mature in 2025. The new senior notes were sold at par and carry a coupon of 5.63%. With a maturity date of June 15, 2025, the Quebecor-owned company says they are the first 12-year, Canadian-dollar high-yield corporate bond issued in the Canadian market. Videotron intends to use the proceeds from this issuance to redeem its outstanding senior notes due in 2018, worth $380 million, as well as to finance settlement and termination costs, if any, of related hedging contracts, and...