Debt Information

Debt Structure

(As at December 31, 2025)

	Rate/Coupon	Maturity	Type	Amount authorized (M CAN$)	Amount drawn or value (M CAN$)
Revolving credit facility ^{1, 2}	Variable rate	2029	Secured	750	2
Long-term notes
US $445 million	5,375%	2028	Unsecured		614
US $400 million	6,750%	2030	Unsecured		549
Term loan of US $260 million	Variable rate	2027	Secured		357
Lease obligations of subsidiaries					207
Other debts of subsidiaries					14
Lease obligations without recourse to the Corporation					53
Revolving credit facility without recourse to the Corporation		2028			156
					1,952
Less: Unamortized financing costs					8
TOTAL LONG-TERM DEBT					1,944

Less: Current portion					70
LONG-TERM DEBT					1,874

TOTAL DEBT
Total long-term debt (including current portion)					1,944
Bank loans and advances					0
					1,944
Less: Cash and Cash equivalents					48
NET DEBT CONSOLIDATED					1,896

1. The Corporation's obligations under the revolving credit facility are secured by the inventory and receivables, as well as by the property, plant and equipment of six of its mills. 2. The facility can be reimbursed without penalty at the Corporation's option any time prior to maturity.

Long Term Debt Repayment Schedule

The estimated aggregate amounts of repayments on long term debt, excluding the other debts of subsidiaries and without recourse to the Corporation, for the next six years are as follows:

(M CAN$)

Current credit ratings as of June 30, 2025

	Moody's	Standard & Poor's
Senior secured debt	Baa3	BB+
Senior unsecured debt	Ba2	BB-
Corporate rating	Ba3 (stable)	BB- (negative)

Cascades’ credit rating is determined by Moody’s and Standard & Poor's. These ratings are provided for information purposes only and may be modified at any time. The opinions, views or forecasts of these firms regarding Cascades’ performance are distinct from those of Cascades' management.

Main debt documents

For further information on Cascades' credit facility and senior notes (including financial covenants), refer to the following documents:

Available in PDF format

Cascades - Senior Notes – Due 2028 (1.2 Mo)
Cascades - Senior Notes – Due 2030 (1.4 Mo)
Fourth-Amended-Restated-Credit-Agreement (0.5 Mo)