TORONTO, May 31, 2012 /CNW/ - Glacier Credit Card Trust today announced it has completed its asset-backed offerings of $200,000,000 of Series 2012-1 Senior Notes and $11,640,000 of Series 2012-1 Subordinated Notes.
The Series 2012-1 Senior Notes were offered at par with a coupon rate of 2.807 percent. The Series 2012-1 Subordinated Notes were offered at par with a coupon rate of 3.827 percent. Both Series 2012-1 Notes have an expected repayment date of May 20, 2017. The Senior Notes were rated 'AAA (sf)' and the Subordinated Notes were rated 'A (sf)' by each of Standard & Poor's Ratings Services and DBRS Limited.
"Investor response to these offerings was very favourable, reflecting the market's overall confidence in the quality and growth of receivables generated by Canadian Tire Bank," said Mary Turner, President and CEO of Canadian Tire Bank.
RBC Dominion Securities Inc. and Scotia Capital Inc. served as lead dealers for the offering of the Series 2012-1 Senior Notes. Other syndicate members for the offering including BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc., HSBC Securities (Canada) Inc. and National Bank Financial Inc. RBC Dominion Securities Inc. and Scotia Capital Inc. served as dealers for the offering of the Series 2012-1 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® credit cards and Canadian Tire retail credit cards.
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