Canada Post Closes $1B Debt Issue and $400M Credit Facility

On July 12, 2010, Canada Post Corporation announced the completion of its successful inaugural public debt issue. It included two series of bonds: a $500-million Series 1, 30-year bond with an interest rate of 4.36 per cent and a $500-million Series 2, 15-year bond priced with an interest rate of 4.08 per cent.

The debt offering was underwritten by a syndicate of dealers, co-led by TD Securities Inc. and RBC Capital Markets. The syndicate also included BMO Capital Markets, Scotia Capital Markets, CIBC World Markets, National Bank Financial and Desjardins Securities Inc. The net proceeds of the offering will be used primarily to finance the company's modernization program.

In addition, on June 30, 2010, Canada Post closed a $400-million credit facility with The Toronto-Dominion Bank and Royal Bank of Canada.

Canada Post was represented by its Assistant General Counsel, Robert Fabes, and by Torys LLP with a team that included Aaron Emes and Jon Reay (corporate and securities) and Adam Delean and Vanessa Kee (debt financing).

Ogilvy Renault LLP represented both the underwriters and lenders with a team that included Andrew Fleming, Andrew Grossman, George Maughan and Joseph Hillier.


Vanessa A. Kee Aaron S. Emes Andrew Grossman George Maughan Joseph Hillier Jon Reay Robert M. Fabes Andrew Fleming Adam E. Delean