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Parkland maintains a revolving credit facility, a senior unsecured bond, and two publicly traded subordinate convertible debentures.  The Credit Facility is for a maximum amount of $635,000 and US$50,000 with interest only payable at the bank’s Canadian and US prime lending rate plus 0.50% to 2.75% per annum.

Instrument Coupon Maturity
$200M Senior Notes 5.50% May 28, 2021
$200M Senior Notes 6.00% Nov 21, 2022
$300M Senior Notes 5.75% Sept 16, 2024
$500M Senior Notes 5.625% May 9, 2025

Debt Ratings

  S&P DBRS
Corporate BB- BB
5.5% Senior Notes Due 2021 BB- BB
6.0% Senior Notes Due 2022 BB- BB
5.75% Senior Notes Due 2024 BB- BB
5.625% Senior Notes Due 2025 BB- BB
5.5% Senior Notes Due 2021
  • Aggregate original principal amount: $200,000,000
  • Coupon: 5.5%
  • Interest Schedule: Payable semi-annually in arrears on May 28 and November 28 of each year (or if such day is not a business day, the next following business day) commencing on November 28, 2014.
  • Maturity date: May 28, 2021

REDEMPTION

At any time prior to May 28, 2017, the Corporation may on any one or more occasions redeem up to an aggregate of 35% of the aggregate principal amount of 5.50% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at a redemption price of 105.50% of the aggregate principal amount of 5.50% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings; provided that: (i) at least 65% of the aggregate principal amount of 5.50% Senior Notes remains outstanding immediately after the occurrence of such redemption; and (ii) each such redemption occurs within 90 days of the date of the closing of the related equity offering.

At any time prior to May 28, 2017, the Corporation may on any one or more occasions redeem all or a part of the 5.50% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at the make-whole price which is equal to the greater of (a) the Canada yield price (as defined in the indenture governing the 5.50% Senior Notes) and (b) 101% of the aggregate principal amount of the 5.50% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption.

Except pursuant to the preceding paragraphs, the 5.50% Senior Notes are not redeemable at the Corporation’s option prior to May 28, 2017.

On or after May 28, 2017, the Corporation may, on any one or more occasions, redeem all or a part of the 5.50% Senior Notes upon not less than 30 days’ nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the 5.50% Senior Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on May 28, of the years indicated below:

Redemption Year Redemption Price
2017 104.125%
2018 102.750%
2019 101.375%
2020 and thereafter 100.000%
6.0 % Senior Notes Due 2022
  • Aggregate original principal amount: $200,000,000
  • Coupon: 6.0%
  • Interest Schedule: Payable semi-annually in arrears on May 21 and November 21 of each year (or if such day is not a business day, the next following business day) commencing on May 21, 2014.
  • Maturity date: November 21, 2022

REDEMPTION

At any time prior to November 21, 2017, the Corporation may on any one or more occasions redeem up to an aggregate of 35% of the aggregate principal amount of 6.00% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at a redemption price of 106.00% of the aggregate principal amount of 6.00% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings; provided that: (i) at least 65% of the aggregate principal amount of 6.00% Senior Notes remains outstanding immediately after the occurrence of such redemption; and (ii) each such redemption occurs within 90 days of the date of the closing of the related equity offering. At any time prior to November 21, 2017, the Corporation may on any one or more occasions redeem all or a part of the 6.00% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at the make-whole price which is equal to the greater of (a) the Canada yield price (as defined in the indenture governing the 6.00% Senior Notes) and (b) 101% of the aggregate principal amount of the 6.00% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption. Except pursuant to the preceding paragraphs, the 6.00% Senior Notes are not redeemable at the Corporation’s option prior to November 21, 2017. On or after November 21, 2017, the Corporation may, on any one or more occasions, redeem all or a part of the 6.00% Senior Notes upon not less than 30 days’ nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the 6.00% Senior Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on November 21, of the years indicated below:

Redemption Year Redemption Price
2017 104.500%
2018 103.000%
2019 101.500%
2020 and thereafter 100.000%
5.75% Senior Notes Due 2024
  • Aggregate original principal amount:  $300,000,000
  • Coupon:  5.75%
  • Interest Schedule:  Payable semi-annually in arrears on March 16 and September 17 of each year (or if such day is not a business day, the next following business day) commencing on March 16, 2017
  • Maturity date:  September 16, 2024

REDEMPTION

At any time prior to September 16, 2019, the Corporation may on any one or more occasions redeem up to an aggregate of 35% of the aggregate principal amount of 5.75% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at a redemption price of 105.75% of the aggregate principal amount of 5.75% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings; provided that: (i) at least 65% of the aggregate principal amount of 5.75% Senior Notes remains outstanding immediately after the occurrence of such redemption; and (ii) each such redemption occurs within 90 days of the date of the closing of the related equity offering.

At any time prior to September 16, 2019, the Corporation may on any one or more occasions redeem all or a part of the 5.75% Senior Notes, upon not less than 30 days’ nor more than 60 days’ notice, at the make-whole price which is equal to the greater of (a) the Canada yield price (as defined in the indenture governing the 5.75% Senior Notes) and (b) 101% of the aggregate principal amount of the 5.75% Senior Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption. Except pursuant to the preceding paragraphs, the 5.75% Senior Notes are not redeemable at the Corporation’s option prior to September 16, 2017.

On or after September 16, 2017, the Corporation may, on any one or more occasions, redeem all or a part of the 5.75% Senior Notes upon not less than 30 days’ nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the 5.75% Senior Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on September 16, of the years indicated below:

Redemption Year Redemption Price
2017 104.500%
2018 103.000%
2019 101.500%
2020 and thereafter 100.000%
5.625% Senior Notes Due 2025
  • Aggregate original principal amount:  $500,000,000
  • Coupon:  5.625%
  • Interest Schedule:  Payable semi-annually in arrears on May 9 and November 9 of each year (or if such day is not a business day, the next following business day) commencing on March 16, 2017
  • Maturity date:  May 9, 2025
Parkland
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1-800-662-7177
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1-403-567-2573
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1-888-996-1122