Québec Closes $1.2 Billion Offering of Global Notes

April 12, 2017

Québec closed an offering of its global notes Series QS consisting of $1.2 billion aggregate principal amount of 2.750% notes due 2027. This follows Québec's closing on March 3 of its first offering of “green bonds” consisting of C$500 million aggregate principal amount of 1.650% global notes Series QR due 2022, the proceeds of which will be used for selected projects that offer environmental benefits, reduce greenhouse gas emissions and/or assist in adapting to climate change in Québec. In each case, the notes were listed on the Euro MTF Market of the Luxembourg Stock Exchange. The offerings were made under Québec's global notes program, which was registered in 2015.

S&C acted as U.S. counsel to the joint lead managers and bookrunners: in the April 12 offering, J.P. Morgan Securities plc, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC and TD Securities (USA) LLC, and in the March 3 offering, HSBC Securities (Canada) Inc., RBC Dominion Securities Inc. and The Toronto-Dominion Bank.

The S&C team was led by Robert Buckholz, along with Daniel Lorme. Andrew Motten advised on tax matters.