Canadian Tire increases committed bank lines by $500 million to $1.15 billion

    TORONTO, Nov. 26 /CNW/ - Canadian Tire Corporation, Limited (CTC, CTC.a)
today announced that its committed bank lines have been increased by
$500 million to a total of $1.15 billion. In addition, Canadian Tire expects
to add a further $110 million in committed lines for which bank credit
approval has been received and documentation is in process. This will result
in $1.26 billion in committed bank lines which are not subject to any market
disruption clause. The lines are provided by ten domestic and international
banks reflecting the strong support for Canadian Tire and the Glacier Credit
Card Trust commercial paper program.
    The additional lines increase the Company's flexibility to support its
growing retail and financial services businesses.
    In addition to the above noted lines, Canadian Tire has the following
sources of financing:

    1.  A $750 million shelf prospectus for its Medium Term Note Program,
        $300 million of which was issued successfully in an oversubscribed
        transaction in October 2007;

    2.  An $800 million Canadian Tire commercial paper program that is fully
        supported by the aforementioned committed bank lines. Approximately
        $250 million is currently outstanding with strong investor demand at
        cost-effective rates;

    Glacier Credit Card Trust commercial paper program has access to $760 
million of the total Canadian Tire committed lines. Glacier commercial paper
continues to be rolled over on an as needed basis, albeit at higher credit
spreads consistent with current difficult market conditions for structured
debt. Currently $140 million is outstanding and backed by the bank credit
    The $472.5 million Glacier Credit Card Trust Medium Term Note that
matures in December 2007 has been funded by a combination of the $300 million
Canadian Tire note issued in October 2007, the Canadian Tire commercial paper
program and operating cash flows.
    Canadian Tire recently received confirmation from its rating agencies on
its various funding programs at - DBRS: A (low) / R-1(low) and Standard &
Poor's: BBB+ / A-1 (LOW) - all with a stable outlook.
    Overall, Canadian Tire believes it is in a strong position with respect
to its financial flexibility and is well positioned to support its proposed
growth agenda even if continued challenging market conditions continue.

    Canadian Tire Corporation, Limited (TSX: CTC.a, CTC), operates more than
1,100 general merchandise and apparel retail stores, gas stations and car
washes in an inter-related network of businesses engaged in retail, financial
services and petroleum. Canadian Tire Retail, Canada's most shopped general
merchandise retailer, with 468 stores operated by Associate Dealers across
Canada offers a unique mix of products and services through three specialty
categories in which the organization is the market leader - Automotive, Sports
and Leisure, and Home Products. offers Canadians the
opportunity to shop online. PartSource is an automotive parts specialty chain
with 68 stores designed to meet the needs of purchasers of automotive parts -
professional automotive installers and serious do-it-yourselfers. Canadian
Tire Petroleum is one of the country's largest and most productive independent
retailers of gasoline, operating 265 gas bars, 257 convenience stores and
kiosks, and 75 car washes. Mark's Work Wearhouse is one of the country's
leading apparel retailers operating 348 stores in Canada. Under the Clothes
that Work(TM) marketing strategy, Mark's sells apparel and footwear in work,
work-related, casual and active-wear categories, as well as health-care and
business-to-business apparel. offers Canadians the opportunity
to shop online. Canadian Tire Financial Services manages over 4 million
Canadian Tire MasterCard accounts and markets related financial products and
services for retail and petroleum customers. Canadians can also access
Financial Services online at Over 50,000 Canadians work across
Canadian Tire's organization from coast-to-coast in the enterprise's retail,
financial services, and petroleum businesses.

    %SEDAR: 00000534EF

For further information:

For further information: Media: Lisa Gibson, (416) 544-7655,; Investors: Stan Pasternak, (416) 480-3370,

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