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December 8, 1998
City Issues Two Debentures Totaling $250 Million
  
The City of Toronto has issued two debentures totaling $250 million to finance
the construction of the Sheppard subway and other capital projects.

The first debenture is for $125 million in Canadian funds for a term of 20
years at a coupon interest rate of 5.60 % to finance the construction of the
Sheppard subway.

The second debenture is for $125 million in Canadian funds for a term of 10
years at a coupon rate of 5.15% to finance various capital projects. This
debenture will mature on December 18, 2008.

The lead manager for the transaction is CIBC Wood Gundy with a syndicate of
seven additional investment banks and dealers.

"This issue is the first ever for the new city of Toronto and they've enjoyed
high demand and have been well received by both institutional and retail
investors," said Wanda Liczyk, Chief Financial Officer and Treasurer of the
City of Toronto. "These debentures have been placed in the domestic market
with interest rates that have not been seen by the City since June, 1963."


Media Contact
Martin Willschick
Treasury and Financial Services
City of Toronto
(416) 392-8072

 

 

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