GLACIER CREDIT CARD TRUST CLOSES PUBLIC OFFERING OF $264,551,000 IN FIVE-YEAR
TERM NOTES

TORONTO, Dec. 1 /CNW/ - Glacier Credit Card Trust today announced it has completed its asset-backed offerings of $250,000,000 of Series 2010-1 Senior Notes and $14,551,000 of Series 2010-1 Subordinated Notes.

The Series 2010-1 Senior Notes were offered at par with a coupon rate of 3.158 percent.  The Series 2010-1 Subordinated Notes were offered at par with a coupon rate of 4.128 percent.  Both Series 2010-1 Notes have an expected repayment date of November 20, 2015.  The Senior Notes were rated 'AAA (sf)' and the Subordinated Notes were rated 'A (sf)' by Standard & Poor's Ratings Services and DBRS Limited.

"Investor response to these offerings was very favourable, reflecting the market's overall confidence in the quality and growth of receivables generated by Canadian Tire Bank," said Dean McCann, President and CEO of Canadian Tire Bank.

BMO Nesbitt Burns Inc. and CIBC World Markets Inc. served as lead dealers for the offering of the Series 2010-1 Senior Notes.  Other syndicate members for the offering included RBC Dominion Securities Inc., Scotia Capital Inc. TD Securities Inc., HSBC Securities (Canada) Inc. and National Bank Financial Inc. BMO Nesbitt Burns Inc. and CIBC World Markets Inc. served as dealers for the offering of the Series 2010-1 Subordinated Notes.

Glacier Credit Card Trust was established to purchase undivided co-ownership interests in a revolving pool of credit card receivables of Canadian Tire Bank, a wholly-owned subsidiary of Canadian Tire Financial Services Limited.  These receivables are generated from the use of Canadian Tire MasterCard® credit cards and Canadian Tire retail credit cards.

For further information:

Media: Amy Cole, 416-544-7655, (m) 416-997-9825, [email protected]
Investors: Candace Maclean, 416-480-3842 [email protected]