Canadian Tire Corporation, Ltd. (CTC) priced a private placement offering of CN$600 million aggregate principal amount of unsecured medium-term notes, consisting of CN$400 million aggregate principal amount of 5.372 percent Series G Unsecured Medium Term Notes due September 16, 2030, and CN$200 million aggregate principal amount of Floating Rate Series H Unsecured Medium Term Notes due September 14, 2026.
The Series G Notes were priced at par for an effective yield of 5.372 percent per annum if held to maturity. The Series H Notes were priced at par and bear interest at a per annum rate of Daily Compounded CORRA plus 1.00 percent payable quarterly. The offering is expected to close on or about September 14, 2023.
The Notes are expected to be rated “BBB,” with a stable trend, by DBRS Limited, and “BBB” by S&P Global Ratings.
CTC intends to use the net proceeds from the offering and selling of the Notes to repay short-term borrowings and general corporate purposes.
BMO Capital Markets, CIBC World Markets and RBC Capital Markets acted as joint bookrunners for offering the Notes.
The Notes are being offered on a private placement basis in each of the provinces of Canada in reliance upon exemptions from the prospectus requirements under applicable securities legislation.
Photo courtesy Helly Hansen
