Debt Information

Debt Structure

(as at September 30, 2019)

  Rate/Coupon Maturity Type Amount authorized
(M CAN$)
Amount drawn or value
(M CAN$)

 Revolving credit facility 1, 2 

Variable rate July 2022 Secured 750 401
           
Long-term notes    
CAN $250 million 5.50% July 2021 Unsecured   250
US $400 million 5.50% July 2022 Unsecured   530
US $200 million 5.75% July 2023 Unsecured   265
Term loan of US $175 million Variable rate Dec 2025 Secured   232
Other debts of subsidiaries         202
 Other debts without recourse to the Corporation   329
         

2,209

Less: Unamortized financing costs   8
TOTAL LONG-TERM DEBT   2,201
Less: Current portion   87
LONG-TERM DEBT         2,114
TOTAL DEBT          
Total long-term debt (including current portion)   2,201
Bank loans and advances   14
          2,215
Less: Cash and Cash equivalents   138
NET DEBT CONSOLIDATED         2,077

 
  • 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 five 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:

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Current Credit Ratings

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

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:

Présentation investisseir

   Available in PDF format

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