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Canadian Tire offers C$650M notes to fund Helly Hansen acquisition

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Canadian Tire offers C$650M notes to fund Helly Hansen acquisition

Canadian Tire Corp. Ltd. on June 11 priced its private offering of C$650 million aggregate principal amount unsecured medium-term notes, proceeds of which will fund part of the Toronto-based retailer's C$985 million Helly Hansen acquisition.

The series E notes, worth C$250 million, bear an annual interest rate of 2.646% and will mature July 6, 2020, while the C$400 million series F notes carry a coupon of 3.167% per annum due July 6, 2023.

The offering is expected to close on or around July 3.

The notes will be subject to a special mandatory redemption. Under the provision, Canadian Tire will redeem the notes at par value should its planned purchase of sportswear brand Helly Hansen terminate or not occur on or before the market closes Aug. 31, unless the companies agree to a later date.

Canadian Tire also said it will use the remainder of the proceeds to repay debt and for general corporate purposes.

RBC Capital Markets and BMO Capital Markets acted as joint book runners for the offering.