NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES
OTTAWA, Jan. 20, 2021 (GLOBE NEWSWIRE) — NAV CANADA (the Company) announced today the pricing of an issue of $500 million of general obligation notes in two series on a private placement basis pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws (the Offering). The Offering includes (i) $300 million aggregate principal amount of Series 2021-1 general obligation notes bearing interest at the rate of 0.937 per cent per annum and maturing on February 9, 2026 and (ii) $200 million aggregate principal amount of Series 2021-2 general obligation notes bearing interest at the rate of 0.555 per cent per annum and maturing on February 9, 2024.
The Offering is scheduled to close on February 9, 2021 and will be subject to customary closing conditions. The general obligation notes to be issued pursuant to the Offering will be subject to hold periods under applicable securities laws.
The net proceeds of the Offering will be used, as to $250,000,000, for the repayment of the Company’s $250,000,000 Series MTN 2011-1 Notes maturing February 18, 2021 and the remaining balance of proceeds raised will be used for general corporate purposes, including the repayment of other borrowings.