Glacier Credit Card Trust issues $423,281,000 of five-year medium term notes

TORONTO, Oct. 24, 2012 /CNW/ - Glacier Credit Card Trust ("Glacier") announced today the issuance of $423,281,000 of medium term notes comprised of $400,000,000 of Series 2012-2 Senior Notes and $23,281,000 of Series 2012-2 Subordinated Notes.  The notes will mature on October 20, 2017.

The Series 2012-2 Senior Notes will bear interest at a fixed rate of 2.394%.  The Series 2012-2 Subordinated Notes will bear interest at a fixed rate of 3.174%.

The Series 2012-2 Senior Notes have been rated AAA (sf) by each of Standard & Poor's Ratings Services and DBRS Limited. The Series 2012-2 Subordinated Notes have been rated A (sf) by each of these rating agencies.

Proceeds from the issuance will be used to repay a portion of Glacier's $634,930,000 Series 2008-1 medium term notes maturing February 20, 2013.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc. were the co-lead agents for the transaction.  The other syndicate members for the Series 2012-2 Senior Notes were TD Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc. and National Bank Financial Inc.

Glacier was established to purchase undivided co-ownership interests in a revolving pool of credit card receivables from Canadian Tire Bank, a wholly-owned subsidiary of Canadian Tire Financial Services Limited.  These receivables are generated from the use of Canadian Tire MasterCard^® credit cards and Canadian Tire retail credit cards.

SOURCE: Glacier Credit Card Trust

For further information:

Media:
Amy Cole
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Investors:
Candace MacLean
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