Source: The Canadian Press

The Desjardins Group, owner of a network of financial services offices throughout Quebec and parts of Ontario, has completed a US$1-billion debt financing in the United States.

Half of the money is being raised through the sale of three-year notes maturing Sept. 16, 2013, and the other half through five-year notes maturing Sept. 16, 2015.

The three-year notes will have an annual interest rate of 1.7%, payable semi-annually, while the five-year notes will pay annual interest of 2.65%.

Desjardins, which will use the borrowed money for its day-to-day operations, says it’s the first Canadian co-operative to issue debt on the U.S. market.

Canadian financial co-ops offer many of the same services of banks and trust companies but are owned collectively by its member customers rather than shareholders.