I was thinking today about what kind of rates are out there for refinancing Connacher's debt after commenting last week on the 9 1/2 to 11.2% rates that OPTI is paying for it's latest financings and I came across the following article today in the Globe and Mail which reported that Thompson Reuters has just issued bonds at far lower interest rates than OPTI's two deals. The very brief news report of the Thompson deal follows:
Thomson Reuters says goodbye to legacy debt
Tim Kiladze
Financial data and news conglomerate Thomson Reuters Corp. (which launched its new data and news system, Eikon, on Tuesday) launched a $750-million bond offering in Canada on Thursday. The new debt pays 4.35 per cent annually and will mature in 2020.
The offering is being used to refinance €500-million of medium term notes that mature in November. Interestingly, this old debt is the last of Reuters PLC paper that was absorbed when Thomson Corp. and Reuters merged in 2008, according to Moody’s, which assigned the debt a Baa1 rating. After the refinancing, all of the company’s debt will bear the Thomson Reuters name.
RBC Dominion Securities and TD Securities are the offering’s co-leads.
Cheers; Scott
