Canadian Tire

Short-Term Debt

Credit Facilities

C$ in millions (as at June 27, 2020) Canadian Tire Corporation3 CT REIT Canadian Tire Bank
Committed bank lines $1,975 $300 $2,250
Less: Usage1,2 ($45) ($6) ($700)
Available bank lines $1,930 $294 $1,550
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 $49.9 million C$ equivalent) provided by a Norwegian bank which expire in October 2022. Helly Hansen had a total of $48.1 million of C$ equivalent borrowings (340.9 million NOK) outstanding on its bank lines as at June 27, 2020

1Canadian Tire Corporation usage includes $44.6 million C$ equivalent U.S. Commercial Paper outstanding.

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

3During the second quarter of 2020, the Company entered into a one-year committed bank credit facility for $710 million with five Canadian financial institutions. The new facility expires on March 30, 2021.

 

U.S. Commercial Paper

During the second quarter of 2019, Canadian Tire Corporation, Limited (CTC) entered into 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 June 27, 2020)Credit Ratings
 US $1.0 billion $32.6 ($44.6)Credit Ratings