Glacier Credit Card Trust closes public offering of $634,930,000 in five-year term notes



    TORONTO, Feb. 11 /CNW/ - Glacier Credit Card Trust today announced it has
completed its asset-backed offerings of $600,000,000 of Series 2008-1 Senior
Notes and $34,930,000 of Series 2008-1 Subordinated Notes.
    The Series 2008-1 Senior Notes were offered at par with a coupon rate of
5.027 percent. The Series 2008-1 Subordinated Notes were offered at par with a
coupon rate of 6.027 percent. Both Series 2008-1 Notes have an expected
repayment date of February 20, 2013. The Senior Notes were rated 'AAA' and the
Subordinated Notes were rated 'A' by Standard & Poor's Ratings Services and
DBRS Limited.
    "Despite generally challenging capital market conditions, investors
continue to respond favourably to the Trust's offerings, reflecting the
market's overall confidence in the growth and quality of receivables generated
by Canadian Tire Bank," said Marco Marrone, president and CEO of Canadian Tire
Bank.
    BMO Nesbitt Burns Inc. and Scotia Capital Inc. served as lead
underwriters for the offering of the Series 2008-1 Senior Notes. Other
syndicate members for the offering included CIBC World Markets Inc., RBC
Dominion Securities Inc., TD Securities Inc., Merrill Lynch Canada Inc. and
National Bank Financial Inc. BMO Nesbitt Burns Inc. and Scotia Capital Inc.
served as underwriters for the offering of the Series 2008-1 Subordinated
Notes.

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

    %SEDAR: 00016306EF




For further information:

For further information: Media: Caroline Casselman, (416) 480-8159,
caroline.casselman@cantire.com; Investors: Candace Maclean, (416) 480-3842,
candace.maclean@cantire.com

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Glacier Credit Card Trust

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