VICTORIA, April 23, 2014 /CNW/ - BC Ferries announced today that is has entered into an agency agreement with a syndicate of investment banks to issue $200 million of its senior secured bonds. The bonds will bear interest at 4.289 per cent per annum and will mature in 30 years. The issue is expected to close April 28, 2014.
The net proceeds from the sale of this series of bonds will be used, together with additional cash on hand, to repay the $250 million bond Series 04-1, which will mature on May 27, 2014 and to fund the series reserve account.
Under contract to the Province of British Columbia, BC Ferries is the service provider responsible for the delivery of safe, efficient and dependable ferry service along coastal British Columbia.
SOURCE: British Columbia Ferry Services Inc.
For further information: Media Contact: BC Ferries, Media Relations, Victoria: (250) 978-1267