TORONTO, Sept. 12,
2023 /CNW/ - Canadian Tire Corporation, Limited (TSX:
CTC) (TSX: CTC.A) ("CTC") today announced the pricing of a private
placement offering of C$600 million
aggregate principal amount of unsecured medium term notes,
consisting of C$400 million aggregate
principal amount of 5.372% Series G Unsecured Medium Term Notes due
September 16, 2030 (the "Series G
Notes") and C$200 million aggregate
principal amount of Floating Rate Series H Unsecured Medium Term
Notes due September 14, 2026 (the
"Series H Notes", and together with the Series G Notes, the
"Notes"). The Series G Notes were priced at par, for an effective
yield of 5.372% per annum if held to maturity. The Series H Notes
were priced at par and bear interest at a per annum rate of Daily
Compounded CORRA plus 1.00% payable quarterly. The offering is
expected to close on or about September 14,
2023.
It is expected that the Notes will be rated "BBB", with a stable
trend, by DBRS Limited and "BBB", by S&P Global Ratings.
CTC intends to use the net proceeds from the offering and sale
of the Notes for the repayment of short-term borrowings and general
corporate purposes.
BMO Capital Markets, CIBC World Markets and RBC Capital Markets
acted as joint bookrunners for the offering of the Notes.
The Notes are being offered on a private placement basis in each
of the provinces of Canada in
reliance upon exemptions from the prospectus requirements under
applicable securities legislation.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any security and shall not
constitute an offer to sell or a solicitation of an offer to buy
any securities in the United
States or to U.S. persons or in any jurisdiction in which
such offering, solicitation or sale would be unlawful.
The Notes have not been and will not be qualified for sale to
the public under applicable securities laws in Canada and, accordingly, any offer and sale of
the Notes in Canada will be made
on a basis which is exempt from the prospectus requirements of such
securities laws. The Notes have not been and
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered, sold or delivered in
the United States of America or
its territories or possessions or to U.S. persons (as defined in
Regulation S under the U.S. Securities Act).
About Canadian Tire Corporation
Canadian Tire Corporation, Limited, (TSX:CTC.A) (TSX:CTC) or
"CTC", is a group of companies that includes a Retail segment, a
Financial Services division and CT REIT. Our retail business is led
by Canadian Tire, which was founded in 1922 and provides Canadians
with products for life in Canada
across its Living, Playing, Fixing, Automotive and Seasonal &
Gardening divisions. Party City, PartSource and Gas+ are key parts
of the Canadian Tire network. The Retail segment also includes
Mark's, a leading source for casual and industrial wear; Pro Hockey
Life, a hockey specialty store catering to elite players; and
SportChek, Hockey Experts, Sports Experts and Atmosphere, which
offer the best active wear brands. The company's close to 1,700
retail and gasoline outlets are supported and strengthened by CTC's
Financial Services division and the tens of thousands of people
employed across Canada and around
the world by CTC and its local dealers, franchisees and petroleum
retailers. In addition, CTC owns and operates Helly Hansen, a
leading technical outdoor brand based in Oslo, Norway. For more information, visit
Corp.Canadiantire.ca.
Forward-Looking Statements
This press release contains forward-looking statements which
reflect management's expectations related to expected future events
including, but not limited to, statements relating to CTC's
expectations with respect to the offering (including closing of the
offering and the expected timing thereof), the intended use of
proceeds from the offering and the credit ratings of the Notes.
This forward-looking information and the forward-looking
information incorporated by reference typically contains words such
as "expects", "anticipates", "plans", "believes", "estimates",
"intends", "projects", "seeks", "likely", "potential" or negative
versions thereof and other similar expressions, or future or
conditional verbs such as "may", "will", "should", "would" and
"could". These forward-looking statements are not facts, but only
reflections of management's estimates and expectations. Although
CTC believes that these statements are based on information and
assumptions which are current, reasonable and complete, these
statements are necessarily subject to a number of factors that
could cause actual results to differ materially from management's
expectations as set forth in such forward-looking statements for a
variety of reasons, including market and general economic
conditions, risks and uncertainties inherent to the offering and
the risks and uncertainties discussed in disclosure materials filed
from time to time by CTC with Canadian securities regulatory
authorities, including under section 10.0 "Key Risks and Risk
Management" of CTC's Second Quarter 2023 Management's Discussion
and Analysis (including the information incorporated therein), as
well as CTC's other public filings available at
https://www.sedarplus.ca and at
https://investors.canadiantire.ca.
The forward-looking statements included in this press release
are made only as of the date hereof and CTC does not undertake to
publicly update these forward-looking statements to reflect new
information, future events or otherwise, except as is required by
applicable securities laws. In light of these risks, uncertainties
and assumptions, the forward-looking events contained in these
forward-looking statements may or may not occur. CTC cannot assure
that projected results or events will be achieved.
SOURCE CANADIAN TIRE CORPORATION, LIMITED