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Canadian Tire closes C$650M notes offering


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Canadian Tire closes C$650M notes offering

Canadian Tire Corp. Ltd. said July 3 it closed its previously announced private placement offering of C$650 million of unsecured medium-term notes.

Proceeds from the notes 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.

DBRS rated the notes BBB (high), while S&P Global Ratings gave a BBB+ rating.

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