On March 3, 2025, 407 International Inc. announced its agreement to issue $350 million aggregate principal amount of 4.45% Senior Secured Fixed Rate Notes, Series 25-A1, due September 11, 2052. The issuance will occur under the company's Medium-Term Notes program and pursuant to a base shelf prospectus dated March 28, 2024. The transaction is structured as an agency deal with a syndicate led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc., and 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 March 5, 2025. Net proceeds will be allocated to refinancing existing senior debt prior to maturity and funding a series reserve account for the Notes.

Torys LLP acted as counsel to 407 International, with a team including Michael Zackheim and Sarah Rimer (corporate/securities). Davies Ward Phillips & Vineberg LLP acted for the syndicate of agents co-led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.