DBRS Assigns A (low) Rating to McCain Finance (Canada) Ltd.’s Senior Unsecured Debentures Issuance

DBRS has today assigned a rating of A (low) with a Stable trend to McCain Finance (Canada) Ltd.’s (the Issuer) $250 million senior unsecured debentures issuance (the Debentures), consisting of the following:

-- Series E, $90 million 3.868% senior unsecured debentures, due February 7, 2023
-- Series F, $160 million 4.565% senior unsecured debentures, due February 7, 2033

Each Series E and Series F are fully and unconditionally guaranteed by the parent, McCain Foods Limited (McCain), and are jointly and severally guaranteed by all of McCain’s other finance subsidiaries.

The Debentures will be direct and unsecured obligations of the Issuer and will rank pari passu with all other unsecured and unsubordinated obligations of the Issuer. DBRS expects the proceeds will be used to repay McCain’s commercial paper as it becomes due and for general corporate purposes.

At the same time, DBRS has confirmed the Issuer Rating and Senior Debt Obligations of McCain at A (low) with a Stable trend.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodology is Rating the Consumer Products Industry, which can be found on our website under Methodologies.