VW Credit Canada sells C$450 mln notes - term sheet

Mon Aug 12, 2013 1:36pm EDT
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Aug 12 (Reuters) - VW Credit Canada on Monday sold C$450 million ($437 million) of debt in two parts, according to a term sheet seen by Reuters.

The sale included C$125 million ($121 million) of two-year floating-rate notes with a spread of 37 basis points over the three-month CDOR.

The company also sold C$325 million ($316 million) of 2.80 percent five-year notes priced at 99.912 to yield 2.819 percent or 102.6 basis points over the Canadian government benchmark.

The investment dealer arms of Toronto-Dominion Bank, and HSBC were the joint bookrunning managers of the sale.

The guarantor of the issue is Volkswagen Aktiengesellschaft.

The issue is for sale only in Canada.