DBRS Finalizes Teranet’s Senior Secured Debt Rating

Dominion Bond Rating Service (DBRS) has today finalized its rating of “A” with a Stable trend on the $235 million 4.668% Senior Secured Bonds, Series 2006-1, maturing August 16, 2011, and on the $235 million 5.039% Senior Secured Bonds, Series 2006-02, maturing August 16, 2016, of Teranet Inc. (Teranet). Note that the total issue amount of $470 million was $5 million higher than originally indicated in the DBRS presale report of August 8, 2006, as Teranet chose to raise additional financing to cover various associated offering and hedging expenses. The balance of the net proceeds will be used to repay the credit facilities drawn in July to cover part of the redemption of the senior and junior bonds of Teranet’s predecessor.

Note:
All figures in Canadian dollars.