Eagle Credit Card Trust closes public offering of $250,000,000 of Credit Card Receivables-Backed Notes

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TORONTO, Sept. 25, 2015 On September 25, 2015, Eagle Credit Card Trust announced it has completed an offering of $250,000,000 of Series 2015-1 Credit Card Receivables-Backed Notes with a weighted-average cost of 2.229 percent.

The Series 2015-1 Class A Notes were issued at par with a coupon rate of 2.147 percent.  The Series 2015-1 Class B and Class C Notes were issued at par with coupon rates of 2.947 and 3.687 percent, respectively.  All Series 2015-1 Notes have an expected repayment date of September 17, 2020.  The Class A Notes were rated 'AAA (sf)'/ 'AAAsf' and the Class B and Class C Notes were rated 'A (sf)'/Asf' and 'BBB (sf)'/BBBsf', respectively, by DBRS Limited and Fitch Ratings.

CIBC World Markets Inc., BMO Nesbitt Burns and RBC Dominion Securities Inc. served as lead dealers for the offering of the Series 2015-1 Notes.  Other syndicate members for the offering of the Series 2015-1 Class A Notes included Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc.  CIBC World Markets Inc., BMO Nesbitt Burns and RBC Dominion Securities Inc. served as the sole dealers for the offering of the Series 2015-1 Class B and Class C Notes.

"The response to our issuance was overwhelming with strong investor demand.  This reinforces the quality and performance of our Portfolio and the strength of the President's Choice Financial® brand," said Felix Wu, Chief Financial Officer of President's Choice Bank, the Financial Services Agent of Eagle Credit Card Trust.

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 Financial® MasterCard® credit cards.

SOURCE Eagle Credit Card Trust