Canadian Tire

Short-Term Debt

Credit Facilities

C$ in millions (as at September 26, 2020) Canadian Tire Corporation3 CT REIT Canadian Tire Bank
Committed bank lines $1,975 $300 $2,250
Less: Usage1,2 ($210) ($6) $0
Available bank lines $1,765 $294 $2,250
Lenders 7 Canadian + 3 International
Financial Institutions
7 Canadian Financial Institutions  Bank of Nova Scotia
Expiry date August 2024 December 2024 October 2022

Note: Helly Hansen has a 350.0 million Norwegian Krone (”NOK”) secured committed bank line of credit and a NOK 350.0 million factoring facility (both $48.9 million C$ equivalent) provided by a Norwegian bank which expire in October 2022. A total of $57.0 million of C$ equivalent borrowings (227.6 million NOK) outstanding on its bank lines as at September 26, 2020

1Canadian Tire Corporation usage includes $210.2 million in support of $157M USD currently outstanding under its U.S. Commercial Paper program.

2CT REIT usage includes $5.6 million letters of credit outstanding under the committed bank lines.

3In Q2, Canadian Tire Corporation entered into a committed bank credit facility for $710 million with five Canadian financial institutions. The new facility expires on June 30, 2022.

 

U.S. Commercial Paper

Canadian Tire Corporation, Limited (CTC) has a U.S. dollar-denominated commercial paper program that allows it to issue up to a maximum aggregate principal amount of US$1.0 billion of short-term promissory notes into the U.S. Tier 2 market. CP can be issued under this program with terms to maturity ranging from one to 270 days. Any issuance made under the program will rank equally in right of payment with all other  unsecured and unsubordinated obligations to creditors of CTC.

Program Size US$ (C$ equivalent) Outstanding (as at September 26, 2020)Credit Ratings
 US $1.0 billion $157 ($210.2)Credit Ratings