EAGLE CREDIT CARD TRUST COMPLETES PUBLIC OFFERING OF $600,000,000 OF TERM NOTES

TORONTO, Dec. 15 /CNW/ - Eagle Credit Card Trust today announced it has completed its asset-backed offerings of $250,000,000 of three year Series 2010-1 Notes and $350,000,000 of five year Series 2010-2 Notes with a weighted-average cost of 3.29 percent.

The Series 2010-1 Class A Senior Notes were offered at par with a coupon rate of 2.782 percent.  The Series 2010-1 Class B and Class C Subordinated Notes were offered at par with coupon rates of 3.652 and 4.752 percent, respectively.  All Series 2010-1 Notes have an expected repayment date of December 17, 2013.  The Class A Notes were rated 'AAA (sf)'/ 'Aaa (sf)' and the Class B and Class C Notes were rated 'A (sf)'/'A2 (sf)' and 'BBB (sf)'/'Baa2 (sf)', respectively, by DBRS Limited and Moody's Investors Service, Inc.

The Series 2010-2 Class A Senior Notes were offered at par with a coupon rate of 3.474 percent.  The Series 2010-2 Class B and Class C Subordinated Notes were offered at par with coupon rates of 4.434 and 5.484 percent, respectively. All Series 2010-2 Notes have an expected repayment date of December 17, 2015.  The Class A Notes were rated 'AAA (sf)'/ 'Aaa (sf)' and the Class B and Class C Notes were rated 'A (sf)'/'A2 (sf)' and 'BBB (sf)'/'Baa2 (sf)', respectively, by DBRS Limited and Moody's Investors Service, Inc.

CIBC World Markets Inc. and RBC Dominion Securities Inc. served as lead dealers for the offering of the Series 2010-1 and Series 2010-2 Senior Notes.  Other syndicate members for the offering of the Senior Notes included BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc. CIBC World Markets Inc. served as the sole dealer for the offering of the Series 2010-1 and Series 2010-2 Subordinated Class B and Class C Notes.

"The response to our issuance was overwhelming with investor demand being very strong, thus reinforcing the quality and performance of our Portfolio and the strength of the PC Financial brand," said Barry Columb, President of President's Choice Financial.

Eagle Credit Card Trust was established to purchase undivided co-ownership interests in a revolving pool of credit card receivables of President's Choice Bank, a wholly-owned subsidiary of Loblaw Companies Limited.  The receivables are generated from the use of President's Choice MasterCard® credit cards.

SOURCE Eagle Credit Card Trust

Organization Profile

Eagle Credit Card Trust

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890