The Caisse completes $2B debt offering under refinancing program

The Caisse de dépôt et placement du Québec today announced that, through its subsidiary CDP Financial, it has completed a new $2-billion debt offering.

This transaction in the Canadian market is part of the refinancing program launched last November, and follows the US$5 billion offering completed on November 25, 2009, which was the largest non-government guaranteed offering by any Canadian issuer in US dollars to date.

This Canadian offering includes two tranches of debt securities:

• $1billion floating rate senior notes maturing on July 15, 2015, at 45 basis points over the three-month Canadian Dealer Offered Rate (CDOR)
• $1billion 4.60% senior notes maturing on July 15, 2020

The proceeds of this refinancing program will be used to replace certain short-term debt with longer term debt. This program will not increase the total leverage of the Caisse.

Depending on market conditions, the program could raise up to $8 billion.

Legal notice
Notes offered under the refinancing program will not be registered under the United States Securities Act of 1933 and accordingly may not be offered or sold in the United States or to U.S. persons, except pursuant to an applicable exemption from registration. This press release is not an offer of the notes for sale in Canada or in the United States. In Canada, the notes will only be offered to accredited investors as such term is defined under applicable Canadian securities laws. This press release is not for distribution to U.S. news wire services or dissemination in the United States.

About the Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. At December 31, 2008, it held $120.1 billion of net assets. As one of the leading institutional fund managers in Canada, the Caisse invests in the main financial markets as well as in private equity and real estate. For more information:  www.cdpq.com.