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Canadian Tire Corporation Prices Aggregate C$650 Million Unsecured Medium Term Notes Offering
Canadian Tire Corporation Prices Aggregate C$650 Million Unsecured Medium Term Notes Offer...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation Prices Aggregate C$650 Million Unsecured Medium Term Notes Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, June 11, 2018\n\n\n\nTORONTO, June 11, 2018 /CNW/ - Canadian Tire Corporation, Limited (\"CTC\") today announced the pricing of a private placement offering of C$650 million aggregate principal amount of unsecured medium term notes, consisting of C$250 million aggregate principal amount of 2.646% Series E Unsecured Medium Term Notes due July 6, 2020 (the \"Series E Notes\") and C$400 million aggregate principal amount of 3.167% Series F Unsecured Medium Term Notes due July 6, 2023 (the \"Series F Notes\" together with the Series E Notes, the \"Notes\"). The Series E Notes were priced at par, for an effective yield of 2.646% per annum if held to maturity. The Series F Notes were priced at par, for an effective yield of 3.167% per annum if held to maturity. The offering is expected to close on or about July 3, 2018.\n\nIt is expected that the Notes will be rated \"BBB (high)\", with a stable trend, by DBRS Limited and \"BBB+\", with a stable trend, by S&P Global Ratings, acting through Standard & Poor's Rating Services (Canada), a business unit of S&P Global Canada Corp.\n\nCTC intends to use the net proceeds of the offering to fund a portion of the purchase price of the previously announced acquisition of Helly Hansen (the \"Acquisition\"), to repay indebtedness and/or for general corporate purposes.\n\nThe Notes will be subject to a special mandatory redemption in the event that the Acquisition has not occurred on or prior to 5:00 p.m. (Toronto time) on August 31, 2018 (the outside date under the acquisition agreement (the \"Acquisition Agreement\")) (or such later outside date as agreed to in accordance with the Acquisition Agreement, which later date shall not be later than 60 days after August 31, 2018), or if, prior to such time, the Acquisition Agreement is terminated or if CTC delivers notice that it does not intend to proceed with the Acquisition. The redemption ...