PSP Capital Inc. distributes an additional C$500 million of Series 7 Notes

November 20, 2014

Client: Investissements PSP Investments

On November 20, 2014, PSP Capital Inc. (PSP Capital), a wholly-owned subsidiary of the Public Sector Pension Investment Board (PSP Investments), issued an additional C$500 million principal amount of 3.29% Notes, Series 7, due April 4, 2024 (the Notes). The Notes are unconditionally and irrevocably guaranteed by PSP Investments as to the payment of the principal and interest.

PSP Investments manages the net contributions received after April 1, 2000 from the pension plans of the federal Public Service, Canadian Forces, Royal Canadian Mounted Police and net contributions received after March 1, 2007 from the pension plan of the Reserve Force. PSP Capital was set up in response to PSP Investments’ objective to seek financing alternatives in order to optimize its leverage in its private market portfolios.

Net proceeds from the issuance of Notes will be used to finance additional investment activities of PSP Investments and/or to repay existing short term indebtedness under PSP Capital's commercial paper program.

A syndicate of dealers co-led by TD Securities, RBC Dominion Securities and BMO Nesbitt Burns and also comprised of CIBC World Markets, Desjardins Securities, Scotia Capital, Casgrain & Company, National Bank Financial, HSBC Securities and Laurentian Bank Securities acted as agents with respect to the offering, which was completed on a private placement basis.

Norton Rose Fulbright Canada acted as legal counsel to PSP Capital and PSP Investments with a team that included Solomon Sananes, Meghan Stewart and Renée Loiselle as well as Derek Chiasson (tax).