Debt Information

Debt Structure

(As at March 31, 2026)

	Rate/Coupon	Maturity	Type	Amount authorized (M CAN$)	Amount drawn or value (M CAN$)
Revolving credit facility ^{1, 2}	Variable rate	2029	Secured	750
Long-term notes
US $445 million	5,375%	2028	Unsecured		622
US $400 million	6,750%	2030	Unsecured		557
Term loan of US $260 million	Variable rate	2027	Secured		362
Lease obligations of subsidiaries					228
Other debts of subsidiaries					15
Lease obligations without recourse to the Corporation					56
Revolving credit facility without recourse to the Corporation		2028			154
					1,994
Less: Unamortized financing costs					8
TOTAL LONG-TERM DEBT					1,986

Less: Current portion					78
LONG-TERM DEBT					1,908

TOTAL DEBT
Total long-term debt (including current portion)					1,986
Bank loans and advances					0
					1,986
Less: Cash and Cash equivalents					85
NET DEBT CONSOLIDATED					1,901

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 March 31, 2026

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

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)