“Coastal GasLink Pipeline priced an eleven-part offering of C$7.15 billion of Senior Notes in its inaugural capital markets transaction, along with the monetization of long-term interest rate hedges. The proceeds of the offering and hedge monetization will refinance the existing C$8.2 billion of senior secured construction facilities which were put in place to partially fund the construction of the Coastal GasLink Pipeline.
The offering was among the most broadly distributed and broke several records for the Canadian corporate bond market, including largest order book, largest offering size and most tranches issued at once. Concurrent with the Senior Notes offering, CGL also unwound a series of interest rate swaps that were used to hedge the construction credit facility – the unwind was the largest Corporate Interest Rate Swap executed in Canadian history.
RBC acted as Financial Advisor and Lead Left Bookrunner throughout the transaction.
