NAV CANADA announces final pricing of tender offers for four series of notes

1 minute read
25 November 2022

On November 25, 2022, NAV CANADA announced the final pricing of its cash tender offers to purchase, in four separate offers, a targeted Maximum Purchase Consideration of up to $125 million of the outstanding debt securities of the following four series: 

  • 0.555% Series 2021-2 General Obligation Notes due 2024
  • 0.937% Series 2021-1 General Obligation Notes due 2026
  • 7.560% Revenue Bonds Series 97-2 due 2027
  • 7.400% Revenue Bonds Series 96-3 due 2027

Following completion of the offers, the $875 million aggregate principal amount of notes outstanding was reduced to $756 million.

Gowling WLG advised NAV CANADA with respect to this buy-back with a team that included Bryce Kraeker, Radhika Vaidyanathan and Lee Sykes (corporate/securities) and Carole Chouinard (tax).

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