TORONTO, Nov. 27, 2013 /CNW/ - Glacier Credit Card Trust ("Glacier")
announced today the issuance of $264,551,000 of medium term notes
comprised of $250,000,000 of Series 2013-1 Senior Notes and $14,551,000
of Series 2013-1 Subordinated Notes. The notes will mature on November
The Series 2013-1 Senior Notes will bear interest at a fixed rate of
2.755%. The Series 2013-1 Subordinated Notes will bear interest at a
fixed rate of 3.275%.
The Series 2013-1 Senior Notes have been rated AAA (sf) by each of
Standard & Poor's Ratings Services and DBRS Limited. The Series 2013-1
Subordinated Notes have been rated A (sf) by each of these rating
The Trust will use all of the proceeds of the offering to purchase the
Series 2013-1 Ownership Interest from Canadian Tire Bank.
BMO Nesbitt Burns Inc. and Scotia Capital Inc. were the co-lead agents
for the transaction. The other syndicate members for the Series 2013-1
Senior Notes were CIBC World Markets Inc., TD Securities Inc., RBC
Dominion Securities Inc., Desjardins Securities 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
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