Debt Information

Debt Structure

(as at March 31, 2020)

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

 Revolving credit facility 1, 2 

Variable rate 2023 Secured 750 236
Long-term notes    
US $200 million 5.75% 2023 Unsecured   281
CAN$175 million 5,125% 2025 Unsecured   175
US$350 million 5,125% 2026 Unsecured   492
US$300 million 5,375% 2028 Unsecured   422
Term loan of US $175 million Variable rate 2025 Secured   239
Lease obligations of subsidiaries         159
Other debts of subsidiaries         46
Lease obligations without recourse to the Corporation         36
 Other debts without recourse to the Corporation   286
         

2,372

Less: Unamortized financing costs   16
TOTAL LONG-TERM DEBT   2,356
Less: Current portion   92
LONG-TERM DEBT         2,264
TOTAL DEBT          
Total long-term debt (including current portion)   2,356
Bank loans and advances   9
          2,365
Less: Cash and Cash equivalents   153
NET DEBT CONSOLIDATED         2,212

 
  • 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:

 

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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